我国上市公司的债务期限结构——基于权衡思想的实证研究

本文认为债务期限结构的确定是企业对短期债务的优势和其缺陷进行权衡的结果,为此提出了债务期限结构的权衡思想。同时,为了考察我国上市公司债务期限结构选择的影响因素,本文利用这一思想对其进行了详细的实证研究。研究结果表明,权衡思想能够较好地解释我国上市公司债务期限结构的选择行为,同时也表明,尽管我国上市公司的短期债务普遍偏高,但这种选择却是其理性思索的结果。

Study on the Debt Maturity Structure of Chinese Listed Companies

Based on the trade-off idea of debt maturity structure,this paper studies the determinants of debt maturity structure of Chinese's listed companies.Results show that: first,the trade-off idea can partly explain the decision of the debt maturity structure of listed companies.Second,although the ratio of short-term debt of listed companies is high,it is a rational result.