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ID:36386966
大小:14.15 MB
页数:202页
时间:2019-05-10
《中国上市公司债务期限结构研究》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、湖南大学博士学位论文中国上市公司债务期限结构研究姓名:何靖申请学位级别:博士专业:金融学指导教师:杨胜刚20080302中国上市公司债务期限结构研究AbstractAccordingtoMMtheoⅨift11ereisno仃习msactioncostandmetotalcashnowf.romthecompanytoitscreditorsandshareholderswillnotbeaf!Ibctedbycapitalstru.ctllrechoice,mec印italstructurechoicewillnotinnuencethecompany’sValue,matis
2、,capitalstmcmrechoiceisneutral.Itcanratiocinatematundermesamehypothesisthedebtmaturitystn】cturewillalsonotinnuencethecompany’sValue.HoweVer’theexistenceofreVenueduty,banknJptcycosts,agencycostsandinterestrateuncertaintybreakdownaseriesofpresuppositionsofMMtheoⅨthechoiceofdebtmatuntystnJcturei
3、snomoreneutI.alaIldmereisanoptiⅡlaldebtnuturitysmlcmretomaximizethecompany’sValue.FromtheexistedliteratureswecanfindthatmostoftllemlookaUl(indsofdebthomogenousandherebyinVest迢atehowacompanyshouldchoosebetweende_btandequitytomaxiIIlizemecompany’sValue.IIlfact,whenacompanywantstoissuedebt,itsho
4、ulddetenllinenotonlymemagnitudebutalsothematurity'seIliority,mortgage,conVenibilityandcallability,etc.TheliteraturesoVerseasaboutdebtmaturitystlllcturebeganat1970sandweremuchlaterthantypicalcapitalstnlctureresearch.ThedomesticliteraturesareeVenlaterandcanbecountedonone’sfingers.Therefore,ther
5、esearchofdebtmaturitysmlcturehasacade觚caIldpracticalmeaning.Firstly'thisdissertationwillreViewtheexistedliteraturesaboutdebtInaturity鼬mcture.Basedonthedetailedresearch,thedissertationwillshow也ateVeryacadernjcmodelhasitsownconditiOnsandemphasizesdi仃erentcostssomatdif!I晤rentoptinlalnnancingstra
6、tegychojceiseducedaccordingtothesediH’erentmodels.Therebyt11eresearchofChineselistedcornpaIlies’debtmanlritys衄lctureshouldbeassociatedwithChina’sbackground.Secondly,medissertationwiUapplydescriptiVestatistics,paI.a】=11etricandnOn—parametrictesttosystematicallyaIlalysemefeatllresofChineseliste
7、dcompaIlies’debtfinancingstructIlre.FollowingthecogllitiVemles,thisdissertationwillfunherinVestigatemecausationofsuchfeatures舶mChina’sbackgroundsuchaseConoIIlicsystem,lawandfinancecircumstance,etc.,nlirdly,tllisdisse僦ionwillexa而nemedetenIlina
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