摘要
本文以2013-2017年沪深两市上市公司为研究样本,实证检验了不同地区上市公司的"互联网+"环境与债务成本和债务期限结构之间的关系,发现"互联网+"发展程度越高,企业债务成本越低、债务期限结构越长。通过进一步的实证检验发现,"互联网+"对非国有企业的影响更为显著,并且"互联网+"与法制环境之间是相互补充的,当法制环境较好时,"互联网+"的影响更大。本文利用替换变量、多层线性回归模型和工具变量法进行稳健性检验得出的结果仍然支持上述研究结论。基于各地区的"互联网+"指数与企业债务成本和债务期限结构的证据,"互联网+"的发展优化了社会契约关系和社会契约结构,因此应该重视"互联网+"的社会规范功能,加强各地区"互联网+"的发展,充分发挥"互联网+"的积极作用,建设更完善和更高效的市场。
Taking Chinese listed companies as research samples from 2013 to 2017, this paper empirically tests the relationship between the"Internet +"environment of listed companies in various regions and the cost and maturity structure of debt and finds that the higher the development level of"Internet +", the lower the cost of corporate debt and the longer the debt maturity structure. Through further empirical tests, we find that"Internet +"has more significant impact on non-state enterprises, and"Internet +"and legal environment are complementary, when legal environment is better, the influence of"Internet +"is greater. The results obtained from the robustness test using substitution variables,HLM model and instrumental variable still support the conclusions of this paper. Based on the evidence of"Internet+"index of various regions and the cost and maturity structure of corporate debt, the development of"Internet+"optimizes social contract relations and social contract structure. Therefore, we should attach importance to the social norm function of"Internet +", strengthen the development of"Internet +"in all regions, give full play to the positive role of"Internet +"build a better and more efficient market.
出处
《财经科学》
CSSCI
北大核心
2018年第11期15-25,共11页
Finance & Economics
