债务到期结构的影响因素:理论和证据

Abstract

从个别简单分析和逐步回归法分析结果可知,市场价值/账面价值、公司规模、固定资产比例和加权平均资产期限显著地影响中国上市公司债务到期结构。

This paper studies the liability term structure of Chinese public companies by using their financial statistics and stock performance data. The study reveals that short-term liability holds a greater proportion. Although the impact of free cash flow, risks and leverage on liability term structure is contrary to theoretic estimate, other factors prove to be in line. While the ratio of fixed asset and term of average weighted asset and liability term have direct correlation, a negative correlation is found between the ratio of market value vs book value against liability term.