| 债务期限结构影响公司价值吗? |
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| 引用本文： | 李琪,杨红芬.债务期限结构影响公司价值吗?[J].经济问题,2011(8). |
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| 作者姓名： | 李琪 杨红芬 |
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| 作者单位： | 西安交通大学经济与金融学院; |
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| 摘 要： | 使用OLS多元回归分析方法研究了中国上市公司的债务期限结构对其市场价值的影响。结果表明,上市公司的长期债务比例越高,公司的市场价值越低。在自由现金流量较高的上市公司样本中,长期债务比例与公司价值间的负相关关系的显著水平和系数绝对值都明显大于在自由现金流量较低的上市公司样本中的情况。这表明,使用更多的短期债务有利于降低公司的代理成本,从而提高公司的市场价值。
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| 关 键 词： | 债务期限结构 代理理论 代理成本 公司价值 |
Does Debt Maturity Structure Affect Firm Value? |
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| LI Qi,YANG Hong-fen.Does Debt Maturity Structure Affect Firm Value?[J].On Economic Problems,2011(8). |
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| Authors: | LI Qi YANG Hong-fen |
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| Institution: | LI Qi,YANG Hong-fen(School of Finance and Economic,Xi'an Jiaotong University,Xi'an 710061,China) |
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| Abstract: | Through OLS regression models,this study explores the impact of debt maturity structure on firm value in Chinese listed companies.We find the evidence that long-term debt usage is negative associate with firm value and the further research reveals that the negative association between long-term debt usage and firm value is more pronounced in firms with higher free cash flow.As a result,the use of short-term debt does increase firm value by curbing agency costs. |
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| Keywords: | debt maturity structure agency theory agency costs firm value |
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