| 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 |
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| 引用本文： | 李湛.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[J].广东金融学院学报,2009,24(2):94-105. |
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| 作者姓名： | 李湛 |
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| 作者单位： | 广东金融学院,中国金融转型与发展研究中心,广东,广州,510521 |
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| 基金项目： | 国家社会科学基金项目(07CJY059);;国家自然科学基金项目(70602033);;广东省科技厅项目(2007B08703005/07) |
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| 摘 要： | 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。
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| 关 键 词： | 债务期限 代理成本 企业融资期限结构 |
Empirical Research on Debt Maturity of China's Listed Companies——Based on Factor Analysis and Regression Analysis of Panel Data |
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| Li Zhan.Empirical Research on Debt Maturity of China''s Listed Companies——Based on Factor Analysis and Regression Analysis of Panel Data[J].Journal of Guangdong University of Finance,2009,24(2):94-105. |
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| Authors: | Li Zhan |
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| Institution: | Guangdong University of Finance;China Financial Transition and Development Center;Guangzhou 510521;China |
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| Abstract: | Many scholars have proved that debt maturity will affect the value of enterprises.With the development of theoretical research,they have done research about corporate debt maturity from different perspectives like agency costs,tax shield,asymmetric information.However,the study of impact of structure of debt maturity on the enterprise's value is still limited.Through the establishment of Panel data model to a sample of 546 listed companies in China,this paper conducts empirical analysis of the effect of cor... |
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| Keywords: | debt maturity agency costs maturity structure of corporate finance |
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