中国上市公司债务期限结构影响因素的实证研究被引量：16

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摘要有关债务期限选择的理论假说主要有期限匹配假说、代理成本假说、信号假说、流动性风险假说、税负假说以及发行成本假说等。不考虑债务杠杆时,中国的经验证据支持了期限匹配假说和代理成本假说;而在债务杠杆和债务期限内生的假定条件下,中国的经验证据仍然支持期限匹配假说、税负假说,却不再支持代理成本假说,说明中国上市公司应对成长机会变化的工具是债务杠杆而不是债务期限。其原因可能在于,成长机会与债务期限之间存在机械的负相关关系,除此之外,两者是否一定存在Myers(1977)从代理成本假说中导出的成长机会与债务期限的负相关关系,则与企业的财务实力等其他因素有关。

作者杨胜刚何靖

机构地区湖南大学金融学院

出处《经济评论》 CSSCI 北大核心 2007年第5期87-93,共7页 Economic Review

关键词债务期限债务杠杆单方程模型联立方程模型

分类号 F275 [经济管理—企业管理]

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参考文献16

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