控制权竞争和公司债务期限结构研究 |
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引用本文:李燕平 ,高 雅.控制权竞争和公司债务期限结构研究[J].财经理论与实践,2018,(2):81-87 |
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中文摘要:基于2004-2015年中国上市公司数据,实证检验控制权竞争是否影响公司债务期限结构。结果发现:控股股东持股比例与债务期限显著负相关;多个大股东并存会提高公司长期债务比例;股权竞争性越强,长期债务比例越高。这些结论与理论假设相符,既证实了内外部公司治理的密切联系,也说明控制权竞争有助于形成更为合理的债务期限结构。 |
中文关键词:控制权竞争 大股东并存 债务期限结构 |
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A Study of Corporate Control Contest and Debt Maturity |
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Abstract:Based on Chinese listed companies from 2004 to 2015, the paper tests whether corporate control contest affects corporate debt maturity. Empirical results show that controlling owners' shareholding ratio has a negative and significant effect on corporate debt maturity. Multiple large shareholders have a positive effect on corporate debt maturity and shareholding concentration significantly increases long-term debt ratio. |
keywords:corporate control contest multiple large shareholders debt maturity |
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