我国上市公司债务期限结构影响因素研究

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1、西南交通大学硕士学位论文我国上市公司债务期限结构影响因素研究姓名：周晓华申请学位级别：硕士专业：会计学指导教师：胡杨20080601西南交通大学硕士研究生学位论文第lI页期限结构没有表现出显著的影响。最后，在结论部分对本文的研究结果进行了总结，提出了政策性建议，并指出研究的局限性以及未来的研究方向。关键词上市公司；债务期限结构；影响因素西南交通大学硕士研究生学位论文第1II页AbstractCompanydebtfinancingisallimportantfinancialdecision—makingbehavior．Whenchoosingdebtfinancing,theco

2、mpanyhavetomakeadecisiononitsinternalstructure，suchasdebtmaturitystructure，priorityofthedebt，themodeofdebtfinancing,andSOon．Companydebtmaturitystructureisanimportantpartofthedebtcontractsandprovidesfightsandobligationsforthecreditorsanddebtors．Sorevealingthedeterminantsofcompanydebtmaturitystru

3、ctureisnecessary．Studiesondebtmaturitystructurebeganinthe1970s，andfruitfulachievementshavebeengottenbyresearchersoverseas．Fourmainlytheoreticalhypothesescomeintoshape：agencycosthypothesis，signalhypothesis，taxhypothesisandmatchinghypothesis．InChina,however,thestudyondebtmaturitystructureisdevelo

4、pedlaterandthefiteratureisscarcecomparatively．InthispapeLbymeallsofcanonicalandempiricalstudy,thedeterminantsofcompanydebtmaturitystructurearefoundandtherelationshipbetweenthedeterminantsandcompanydebtmaturitystructureisanalyzed．Moreove‘wehopetOprovideevidencesforthecompanieswhenmakingdecisions

5、．Firstly,thepapermakesacomprehensivereviewoftheliteratureaboutdebtmaturitystructure．BasedonexistingresearchandthefactorsinChina’Sspecialinstitution,wemakeatheoreticalanalysisonthedeterminantsofdebtmaturitystructureinChineselistedcompaniesanddividethemintothreecategories：industryfactor,companyfe

6、aturesfactorsandcompanygovernancestructurefactors．Thentheindustrydatabetweentheyearof1999and2004for457Chineselistedcompaniesarechoseandtotal2742samplesaregotten．Empiricalresultsshowthatindustryfactorisoneoftheimportantdeterminants西南交通大学硕士研究生学位论文第1V页forcompanydebtmaturity．Debtmaturitystructurefo

7、rcompaniesindifferentindustryissignificantlydifferent．Thedifferentiscausedbyindustryfactor．Firmsize，leverageratio，liquidityandassetstructureimpactondebtmaturitystructureofChineselistedcompaniessignificantly．Growthoptions，freecashf