摘要
以2007—2014年2 085家沪深A股上市企业为研究对象,探究债务异质性如何影响企业债务融资成本,以及社会资本在其中发挥怎样的调节作用。研究发现:债务来源异质性方面,企业债务构成中经营性负债比例越高,债务融资成本越低,并且社会资本会强化这一积极作用;金融性负债比例越高,债务融资成本越高,但是社会资本会缓解这一情况。债务期限异质性方面,长期债务比例越高,债务融资成本越高,但社会资本会弱化这一效果;短期债务比例越高,债务融资成本越低,并且社会资本会强化这一效果。区分产权性质样本之后发现,相较于国有企业,社会资本的调节作用在民营企业中更加显著。
Using the data of 2 085 Chinese listed firms from 2007 to 2014 in Shanghai and Shenzhen Ashares market,this paper study the rerelationship between debt heterogeneity and debt financing cost,and the moderating effect of social capital on debt heterogeneity.The empirical evidence indicates that in terms of debt sources heterogeneity,operating liabilities alleviate the debt financing cost and financing liabilities inhibit the debt financing cost,but social capital have significant moderating effect on both liabilities.In terms of debt maturity heterogeneity,the increase of longterm debt ratio can aggravate the debt financing cost,but social capital will relieve the situation.While the increase of short-term debt ratio will inhibit the debt financing cost,and social capital do strengthen the positive effects.Considering different property right,we find that the moderating effect of social capital on debt heterogeneity is stronger in private firms.
出处
《上海管理科学》
2017年第6期11-18,共8页
Shanghai Management Science
基金
吉林省社会科学基金项目"制度环境对上市家族企业过度投资研究"(2016JD93)
关键词
社会资本
债务异质性
债务融资成本
产权性质
social capital
debt heterogeneity
debt financing cost
property right
