摘要
基于2013-2018年我国上市公司微观数据的实证研究表明,政府和社会资本合作会显著影响企业的债务期限结构,即增加长期有息债务、降低短期有息债务占比.此外,相比于建筑、房地产等高负债行业的企业,低负债行业的企业参与政府和社会资本合作项目投资会显著提高自身债务率;从债务期限来看,政府和社会资本合作会增加高负债行业企业的长期有息债务.进一步研究表明,资产流动性是政府和社会资本合作影响企业债务期限结构的作用渠道.
Empirical research based on the microdata of listed companies in China from 2013 to 2018 shows that Public-Private-Partnership will significantly affect the debt maturity structure of enterprises,namely,increasing long-term interest-bearing debt and reducing the proportion of short-term interest-bearing debt.In addition,compared with enterprises in high-debt industries such as construction and real estate,enterprises in low-liability industries will significantly increase their debt ratios by participating in Public-Private-Partnership projects.From the perspective of debt maturity,Public-Private-Partnership will increase the long-term interest-bearing debt of companies in high-debt industries.Further research shows that asset liquidity is the channel through which Public-Private-Partnership affects the term structure of corporate debt.
作者
吴卫星
刘细宪
钟腾
WU Weixing;LIU Xixian;ZHONG Teng(School of Banking and Finance,“Belt and Road”PPP Development Research Center,University of International Business and Economics,Beijing 100029,China;School of Mathematics and Statistics,Hubei Normal University,Huangshi 435002,China)
出处
《系统工程理论与实践》
EI
CSSCI
CSCD
北大核心
2020年第6期1545-1556,共12页
Systems Engineering-Theory & Practice
基金
国家自然科学基金(71733004,71703018)。
