金融结构对企业债务融资的影响研究

企业债务融资一直是财务学界研究的重点，对它的认识也逐渐从企业层面扩展到了宏观环境层面。但目前的研究仅仅局限干整个的经济发展，并没有深入讨论具体是哪个方面对债务融资有较大的影响。金融业是企业资金来源的提供方，因而它的发展和结构直接关系到企业的债务融资。为了深入研究，本文把金融结构分成了两个层级。研究结果表明，债务比率和债务期限结构都受到了两个层级的影响，但金融中介发展和股票市场份额的影响要远大于金融中介内部结构的影响。

Impact of Financial Structure on Corporate Debt Finance

Corporate debt finance has always been the focus of study in accounting industry.The importance of this issue is known to be expanding beyond corporate field. However, the study is still limited to economic development, with little reference to the specific area to which debt finance is most relevant.As banking industry is the capital supplier of corporate finance, banking development and structure are closed related to corporate finance. Banks are divided into two classes for study purpose. Studies indicates that debt ratio and debt maturity structure are affected by the two classes,although the impact of development of financial intermediaries and their shares in securities market is greater than internal structure of financial intermediaries.