行业周期、市场化进程与债务期限选择

发布时间：2018-03-15 11:01

本文选题：行业周期　切入点：市场化进程　出处：《山西财经大学学报》2012年10期 　论文类型：期刊论文

【摘要】：公司财务和产业组织理论的交叉融合是学者们关注的重要领域。本文对行业周期、市场化进程与债务期限选择进行了理论与实证研究。通过多种计量模型检验后发现:相比于成熟期和衰退期行业,成长期行业的资产负债率更低;市场化程度越高地区的公司的资产负债率越低,在市场化程度越高地区的成长期行业对资产负债率的影响越显著。在资产负债率一定的情况下,相比于衰退期行业,成长期和成熟期行业的债务期限越长;市场化程度越高地区的公司的长期债务比例和长期借款比例越低。本文的研究成果为嵌入市场化进程后行业效应如何影响债务期限提供了一定的经验证据,有助于理解行业周期在债务融资决策中的机理和重要性,以及转型经济时期政府在资源配置中的作用。
[Abstract]:The cross-integration of corporate finance and industrial organization theory is an important area that scholars pay attention to. The marketization process and the choice of debt maturity are studied theoretically and empirically. It is found that the asset-liability ratio of the growing industry is lower than that of the mature and recessionary industries through a variety of econometric model tests; The higher the degree of marketization, the lower the asset-liability ratio of the companies, and the more significant the influence of the growing industry on the asset-liability ratio in the areas with higher marketization. The longer the debt maturity of the growth and maturity industries; The higher the degree of marketization, the lower the ratio of long-term debt and long-term borrowing. The research results of this paper provide some empirical evidence on how the industry effect affects debt maturity after embedded market-oriented process. It is helpful to understand the mechanism and importance of industry cycle in debt financing decision and the role of government in resource allocation in the period of transition economy.
【作者单位】：重庆三峡学院经济与管理学院;南京大学会计与财务研究院;
【基金】：国家社会科学基金项目(05CJY008) 教育部人文社会科学研究青年项目(12YJC790141) 重庆三峡学院校级项目(11QN-03)
【分类号】：F062.9;F224

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