企业债务期限结构的行业特征——基于中国上市公司的实证研究

本文以我国上市公司2000-2004年的经验数据为样本，根据中国证监会《上市公司行业分类指引》，将中国上市公司进行行业分类，实证研究了债务期限结构的行业特征。研究结果表明：（1）中国上市公司不同行业门类之间和同一制造业次类闻的债务期限结构具有显著差异，且这种差异不是由个别行业的异常值引起的；（2）无论是行业门类还是制造业次类，绝大多数行业的长期债务比率较低；（3）规模比较大，管制比较高，竞争程度较低的行业内的企业的长期债务比率相对于竞争比较激烈的行业内的企业较高。

Industrial Characters of Debt Maturity Structure: An Empirical Research from China's Listed Companies

Based on the sample of China＇s listed companies＂ data in 2000-2004, and according to the ＂listed company trades classification guidelines＂ made by China Securities Regulatory Commission, this paper makes an industrial classification of China＇s listed companies and an empirical study of the industrial characters of debt maturity structure. The resuits showed that. （1） The debt maturity structure of China＇s listed companies in different sectors and the same manufacturing category is significantly different, and this difference is not caused by the abnormal values in individual industry; （2） Regardless of industry catego- ries or sub-categories of manufacturing, the majority of the long-term debt ratio is very low; （3） The long-term debt ratio of companies which have larger scale, more regulation and less competition is higher than that of companies whose competition is more fierce within the industry.