我国上市公司负债融资期限结构的实证研究

公司的负债期限结构与公司的价值之间存在密切的逻辑关系。本文以部分行业为例,对我国上市公司的负债融资期限结构进行了实证研究,研究结果为期限匹配假说和清算风险假说提供了经验支持,为代理成本假说提供了部分支持,信号传递假说与税收假说并未得到实证结论的支持。

A Positive Study of the Structure of Debtor-in-possession Funding Duration in China's Listed Companies

There exists a close logic relationship between a company' s debtor-in-possession funding structure and its own value. Taking some industries as an example,this article conducts a positive study of the structure of debtor-in-possession funding duration in China' s listed companies. The conclusion of the research provides an experience support for matched maturity and settlement risk hypotheses,a partial support for agency cost hypothesis; while at the same time, the conclusion provides no support for signal trans duction and taxation hypotheses.