转轨背景、公司成长性与债务融资——来自于上市公司的经验证据

本文以上市公司为样本，研究了在我国转轨背景下，影响债务融资的诸多因素，并重点分析了资产成长性对债务融资的影响。通过研究我们发现，商业信用是企业的重要债务来源，相比较短期借款和长期借款，企业和企业之间商业信用有着较好的契约基础。通过分析资产成长性和短期借款、长期借款关系，我们发现企业在借款资金的使用上有着诸多不合理之处。说明影响企业进行信贷资金决策的市场和金融环境还不够成熟。因此，我们认为优化企业债务结构的关键是建立产权清晰、规则透明的契约型环境。

Transitional Environment, Firm Growth and Debt Financing Policies

The study mainly examines the factors which influence debt-financing policies based on the background of economy transition. The main importance of the paper is to analyze the growth of the firm having effect on the debt-financing policies .Through the empirical test, we find that business credit is the mainly sources of liabilities, which illustrates that the contract environment among firms is better relative to current-liability and long-term debt. Trough analyzing the relationship between the firm growt...