中国上市公司债务期限结构研究

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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