公司债务期限结构影响因素的实证分析

本文以上市公司板面数据及横截面数据为基础,利用混合时间序列回归、横截面回归和固定效果回归等方法,对影响我国上市公司债务期限结构的因素进行了实证检验。结果发现,除契约成本假说中成长机会外,绝大部分因素的检验结果与预期一致,进而验证了其适用性;经验证据不支持信息不对称假说;对税负假说相关因素的检验结果表现出不确定性;期限匹配假说得到了支持。研究还证明,具有较少自由现金流量、杠杆水平较高、规模大、受到管制和资产期限长的公司具有更多的长期债务。

Empirical Study on Infection Factors of the Debt Maturity Structure of Chinese Listed Companies

This article is based on the panel data and cross-sectional data, and applies pooled time-series cross-sectional regression, cross-sectional regression and fixed effect regression to empirically examine infection factors of debt maturity structure of Chinese listed companies. The examination results of all factors but growth options in The Contract-Cost Hypothesis are the same as the prediction, and further prove its application. The empirical evidence does not support The Asymmetric Information Hypothesis. The examination results of the factors about The Tax Hypothesis are uncertain. The research shows that the Maturity Matching Hypothesis is completely supported. Companies that have little free cash flow, high financial leverage level, large scale, and long asset maturity have more long-term debt.