债务期限结构理论研究综述

先前的公司融资决策研究主要集中在债务和权益融资之间的选择上（即资本结构）,试图建立一个最优的融资结构;最近,注意力转移到债务融资的特征上,尤其是公司债务期限结构。本文对权衡理论、代理成本理论、税收假说和信息不对称假说（信号传递和流动性风险假设）等公司债务期限结构理论进行了系统综述和总结,以为解释公司债务期限结构选择提供理论依据。     

制度环境对债务期限结构的影响研究

本文将制度环境与产权性质纳入到对公司债务期限结构研究的统一分析框架,深入研究了我国各地区制度环境的差异对债务期限结构的影响以及上述影响在不同产权性质公司间存在的差异。研究发现:市场化程度高的地区具有相对短的债务期限结构;而政府干预能够帮助公司获取较长期限的贷款,政府干预程度与公司债务期限结构显著正相关;在金融发展水平较高的地区,银行更倾向于发放较多的短期贷款来约束上市公司;法律环境的改善会降低公司债务期限结构;与非国有控制公司相比,制度环境的改善对国有控制公司债务期限结构的负向影响相对更大。     

债务期限结构和区域因素——来自中国上市公司的经验证据

本文采用参数和非参数检验方法经验检查中国上市公司注册地所在区域因素与公司债务期限结构之间关系。研究发现：（1）不同区域之间的债务期限结构存在系统性差异：（2）区域因素能解释公司债务期限结构3％左右的变异；（3）中部地区的债务期限显著高于东部、西部地区的债务期限；（4）市场化程度高、经济发达的地区具有相对低的债务期限。     

信息不对称下我国上市公司债务期限结构研究

文章结合西方经典债务期限理论从信息不对称的角度出发,基于中国上市公司中五个行业进行实证研究,探讨不同行业中国上市公司债务期限结构的各种影响因素,重点分析了信息不对称因素对企业债务期限结构的影响。并提出有针对性的建议,以期缓解我国资本市场和上市公司内部的信息不对称程度,进而达到优化中国上市公司债务期限结构的目的。     

地区金融发展差异与我国公司债务期限结构——来自上市公司的经验证据

一、引言公司债务期限结构选择是公司债务融资决策整体的必要组成部分,然而我国上市公司债务期限存在明显不合理:资产负债率较发达市场经济国家公司偏低;短期负债是我国上市公司主要资金来源,部分公司完全依靠短期债务进行公司运营和投资。以往财务学领域对企业债务期限结构研究主要从企业特征等微观视角出发。但我们应注意到,这种不合理的债务期限结构并不是单纯由公司内部微观行为不理性所造成的。从计划经济到市场经济的渐变改革过程中,我国公司进行了相应的财务改革和融资模式转变,但我国金融体制改革却相对滞后:企业债券市场不发达,使其债务融资主要依赖于银行信贷,而目前银行还未真正转变为市场经济中的现代企业,这未免会给企业融资行为自主性带来约束。因此我们不能忽视公司所处制度环境尤其是金融发展水平对公司债务期限结构选择所产生的影响。鉴于此,本文使用面板数据,对我国地域金融发展差异与公司债务期限选择行为之间存在的关系进行实证研究,目的在于扩展债务期限的影响因素以便深入理解我国上市公司债务期限的选择行为。二、研究变量及样本的选取1.被解释变量的确定负债期限(DMat):本文把偿还支付在一年后的负债作为长期负债,并定义DMat=长期负债/总负债。2...     

地区金融发展差异与我国公司债务期限结构——来自上市公司的经验证据

一、引言 公司债务期限结构选择是公司债务融资决策整体的必要组成部分,然而我国上市公司债务期限存在明显不合理:资产负债率较发达市场经济国家公司偏低;短期负债是我国上市公司主要资金来源,部分公司完全依靠短期债务进行公司运营和投资.     

云南省制度环境与上市公司债务期限结构实证分析

本文主要采用云南省2001-2007年的面板数据,对云南省的上市公司的制度环境与债务期限结构的相关关系进行研究.制度环境的衡量指标有4个变量,政府干预、金融发展水平与债务期限结构正相关,法律环境与债务期限结构负相关,然而产权保护指数单独回归时,与债务期限结构正相关,但最后综合回归时,又呈现出负相关关系.这些结果都在一定的程度上反映出了云南省上市公司的融资独特性,本文希望通过对云南省上市公司债务期限结构的研究,能够对云南省的资本结构提供一些参考意义.     

基于Logit模型的公司债务期限选择影响因素分析

公司在债务融资决策时会考虑许多因素,其中不同的债务期限安排是影响公司融资成本和融资效率的重要因素.本文基于公司内部特征因素,运用Logit二元选择模型对影响公司长期债务运用的因素进行回归,部分解释了我国公司债务期限结构的选择行为.     

中国上市公司债务与资产期限结构匹配关系的实证研究

文章利用我国A股上市公司的数据研究了公司债务与资产期限结构的匹配关系。研究结果表明,我国上市公司的资产期限与债务期限显著地正相关,但我国上市公司债务期限与资产期限的匹配关系并不大合理,债务期限远短于资产期限。大力发展企业债券市场,加强银行体制改革,完善商业信用体系与偿债保障机制对改善我国上市公司的这种不合理匹配关系具有重要意义。     

对中国上市公司债务期限影响因素的实证研究——基于面板数据的因子分析和回归分析

国内外诸多学者已经开始从代理成本、税盾作用、信息不对称等角度来研究影响债务融资期限的各种因素。但综合各种因素来考察企业融资期限结构影响的研究却相对较弱。以中国546家A股的上市公司最近9年相关数据为样本,从企业规模、财务杠杆、债务税率、清算比率和资产期限等因素对企业融资期限结构的影响做因子分析和回归分析后,指出代理成本等理论对中国上市公司债务期限解释是有限的。     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

Cost accounting standard and cost accounting systems in Japan. Lessons from the past - recovering lost traditions

This paper aims to show two things. The first is how Japanese culture has contributed to the development of Japanese cost accounting history. The second is to reveal the research possibilities of cost accounting history. This paper also reviews the salient features of several important examples of these aspects of cost accounting practice in Japan. It therefore explores, through some practical illustrations, how and why Japanese cost accounting differs from that found in the West.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

Shared Standard Setting in the Public Interest:A Strong Model

正The last two decades have been a definitive era in the evolution of the accountancy profession.In the wake of major corporate scandals at the turn of the century,an international public debate arose on the need for more effective and well-considered regulation;this debate then reignited during the global financial and sovereign debt crises.     

HOW TO PUT TOGETHER A COMPLETE PACKAGE

正Many Institute members know they cannot rely purely on technical knowledge and business acumen to remain competitive.As soft skills are increasingly important,Jemelyn Yadao finds out how CPAs can maintain