摘要
以上市公司经验数据为样本,实证分析了我国区域金融发展不平衡性对企业债务期限结构的影响。通过构造区域金融发展综合指标,研究发现,企业所在地金融发展程度越高,其短期债务的比例就越高。因此,我国上市公司债务期限较短,并非完全由企业自身选择行为的非理性所造成,金融体系的发展与区域差异,使得企业融资行为的理性表现呈现出某些特殊性,债务期限结构表现为短期负债为主。
Employing data on Chinese listed companies, this paper investigates the effects of regional differences in financial development on the maturity structure of corporate debt. Utilizing a comprehensive regional financial development index, we find that the percentage of short term corporate debt is lower in regions with more developed financial system, We argue that the high percentage of short term debt with Chinese listed companies is not only the result of irrationality of corporate behavior but also the outcome of financial development as well as its regional differences.
出处
《山东大学学报（哲学社会科学版）》
CSSCI
北大核心
2009年第3期1-9,共9页
Journal of Shandong University(Philosophy and Social Sciences)
关键词
上市公司
债务期限结构
金融发展
Listed Company
debt maturity structure
financial development
