摘要
本文分别从长期负债比率和债务期限结构两个方面,从法与金融的视角考察了我国地区法制环境、金融发展以及它们之间的相互作用对上市公司长期债务融资的影响。研究结果表明:我国地区法制环境的改善并不能使上市公司获得更多的长期债务融资,地区法制环境和金融发展的水平越高,上市公司获得的长期债务融资越少,然而在法制环境比较好的地区,金融发展水平的提高却有助于上市公司获得更多的长期债务融资。本文的研究结果不仅丰富了国内外的研究成果,而且有助于我们更加深入地了解我国上市公司长期债务融资偏低的制度因素。
Through two aspects, the long-term debt ratio and the debt maturity structure, this paper examines the effect of regional legal environment, financial development and their interaction on the long-term debt financing of listed companies in China. The empirical results show that, the improvement of regional legal environment cannot facilitate more long-term debt financing of listed companies, the more developed the regional legal environment and financial development are, the less long-term debt financing the listed companies can have; however, in areas where the legal environment is better, financial development can facilitate more long-term debt financing. This research not only enriches the related studies on law and finance, but also helps to deeply understand the institutional roots which induce the less long-term debt financing of listed companies in China.
出处
《证券市场导报》
CSSCI
北大核心
2010年第3期50-57,共8页
Securities Market Herald
基金
国家自然科学基金项目(70702040)
暨南大学人文社会科学发展基金项目(006JSYJ041)
暨南大学会计系育题基金(2007)的资助]
关键词
法制环境
金融发展
债务期限结构
债务融资
Legal Environment, Financial Development, Debt Maturity Structure, Debt Financing
