成长性 第二类代理冲突与债务期限结构

本文基于我国非金融类上市公司2006-2010年数据,从成长性、代理冲突、债务期限结构的多维视角分析,重点将成长性差异作为一个关键变量,结合代理冲突研究对债务期限结构的影响,以及债务期限对代理冲突的治理效果。研究结果发现:(1)企业成长性和长期负债呈负相关性。(2)大股东与中小股东代理冲突与债务期限结构显著负相关。(3)高成长性企业选择短期债务缓解大股东与中小股东之间代理冲突的效果显著于低成长性企业。(4)非国有的企业中,选择短期债务缓解大股东与中小股东之间代理冲突的效果显著于国有企业。

Growth, the Second Type Agency Conflict and Debt Maturity Structure

This paper based on the non-financial companies 2006-2010 data, from growth, agency conflict, debt maturity structure of multidimensional perspective, the emphasis will growth difference as a key variable, combined with agency conflict studies on the influence of debt maturity structure, and debt maturity to agency conflict management effect. The results showed that： （1） The enterprise growth and long-term liabilities are negative correlation. （2） The big shareholders and small and medium-sized shareholders agency conflict and debt maturity structure significant negative correlation. （3） High growth enterprise choose the short-term debt relief big shareholders and small and medium-sized shareholders agency conflict between obvious effect and low growth enterprise. （4） The non-state enterprise, the choice of short-term debt relief big shareholders and small and medium-sized shareholders agency conflict between effect is remarkable in state--owned enterprise.