企业债务期限结构配置及其治理对策——湘火矩汽车股份案例

本文认为,债务期限结构错配是我国许多高速扩张企业出现流动性财务危机的主要原因之一,但在现有商业银行信贷期限结构错配和企业债券市场不发达的金融背景约束下,我国企业很难通过增加长期债务的方式来改变债务期限与资产期限错配的问题,唯有通过降低财务杠杆的方法来降低流动性风险。在现有金融市场条件下,企业现实的选择是债务期限结构错配和低财务杠杆,不能采用高财务杠杆方式来实现企业的高速增长,否则很容易陷入财务困境。

The Analysis of the Firm Matching of Debt Maturity Structure and the Distress of its Solution

In this paper,we consider that the mismatching of debt maturity structure is one of the main causes of the liquidity financial crisis in many domestic firms,but it is difficult for those firms to solve the problem on the backgrounds of the mismatching of credit maturity structure of commercial banks and the underdeveloped domestic corporate bond market,and only with lower financial leverage will decrease liquidity risk.Under the current constraint of financial markets,the firm's reasonable choice is the mismatching of debt maturity structure and lower financial leverage,not high financial leverage to reach high speed development,or it will involve easily to the financial distress.