The author puts forward the trade-off idea of debt maturity structure on the consideration that the decision of debt maturity structure is based on the trade-off between benefits and costs of debt. 本文认为债务期限结构的确定是企业对短期债务的优势和其缺陷进行权衡的结果,为此本文提出了债务期限结构的权衡思想。
Solutions such as extending the maturity structure of existing debt or further cutting the interest rate charged may be easier to sell to the electorate than outright cancellations. 与直接勾销债务相比,延长现有债务的期限结构或者进一步调降贷款利率等解决方法,可能更容易让选民买账。
An Empirical Study of the Influence of Maturity Structure of Debt Financing on Enterprise Value 债权融资期限结构对企业价值影响的实证分析
As a main part of corporate financing structure theory, debt maturity structure theory mainly studies the optimization of the long-term debt rate and short-term debt rate. 债务期限结构理论是企业融资结构理论的一个重要组成部分,它主要以企业长短期负债的优化组合为研究重点。
However, no evidence shows that cash flow, bank debt, and maturity structure of debt have relation with corporate cash holdings. 没有证据显示现金流、银行债务、债务期限结构与企业现金持有水平之间存在相关关系。
This is a review of the theoretical and empirical literatures inside and outside China on corporate debt maturity structure, mainly covering two aspects: debt maturity structure vs. corporate value, and the determinants of corporate debt maturity structure. 本文对国内外公司债务期限结构问题的理论和经验研究进行了全面、系统的回顾,包括两方面内容:一是公司债务期限结构与公司价值之间的关系,二是公司债务期限结构的影响因素。
However, no evidences show that growth opportunity, cash flow, cash flow variability, bank debt, maturity structure of debt, and dividend payment are important determinants of corporate cash holdings. 没有证据显示增长机会、现金流、现金流变异性、银行债务、债务期限结构及股利支付是影响现金持有水平的重要因素。
The dissertation first defines the basic concept such as debt maturity structure, debt priority structure and debt placement structure, explains how the debt structure influences debt financing effect, and analyses what kind of factors affect the companies 'debt structure based on hypothesis theoretically. 本研究首先对债务结构基本概念进行了界定,阐明债务结构对债务融资效应的影响,并分别基于三类假说对企业债务结构影响因素进行了理论分析。
The fixed-effect regression indicates that debt plays a negative role in making profits while the effect of debt maturity structure is positive, the negative effect of debt is more serious than the positive effect of debt maturity structure. 固定效应的变截距模型的回归结果表明负债对盈利起负的作用,而长期债务对企业盈利则起正的促进作用,并且资产负债率对企业盈利的影响比债务期限结构的影响要大。
A proper selection of maturity structure of debt financing is for enterprises to reduce the cost and boost the revenue of debt financing in order to maximize the enterprise value. 企业对债权融资期限结构进行选择,目的是为了降低债权融资成本,提高债权融资的收益,最终促进企业价值最大化的实现。
Then, we try to find some significant conclusion. Firstly, this thesis reviews the theoretical development of capital structure and debt maturity structure then abstracts theoretical foundation of the managerial power, capital structure and debt maturity. 首先,本文回顾了资本结构理论和债务期限结构理论的发展脉络,从代理理论和控制权理论中提炼出有关管理者权力和资本结构、债务期限结构关系的理论基础,进而提出本文的研究假设。
Then, we discussed the alternative relationship of the corporate governance on the role of the governance effects of debt maturity structure. In this part, we focused on the analysis of the effects of internal corporate governance mechanism on the debt maturity structure. 接着论述了公司治理机制与债务期限治理作用之间存在的替代关系,重点分析了内部公司治理机制对债务期限结构的影响。
For the debt maturity structure of our research is still in its infancy, many scholars start to study its effect on corporate debt structure from the micro-enterprise level. 我国对于债务期限结构的研究还处于起步阶段,学者们多是从微观企业层面出发,研究其对企业债务结构的影响。
Corporate debt maturity structure is an important part of the debt contracts. 企业债务期限结构是债务契约的重要内容。
And then we form the overall level of corporate debt financing, debt maturity structure and different type of debt financing these three angle, analysis their impact on tunneling of controlling shareholders. 在这一理论的基础上,本文拟从企业债务融资总体水平、债务融资期限结构和不同类型债务融资三个角度,分别就其对上市公司控股股东掏空行为的影响进行分析。
The study shows that the negative relationship between debt maturity structure and investment of Chinese listed companies due to debt maturity can reduce the over-investment problem arising from stockholder-manager conflicts. 上述研究结果说明,我国上市公司债务期限结构与企业投资行为负相关,是由债务期限抑制了股东-管理者之间的利益冲突引发的过度投资行为而引起的。
In fact, there are various types of debts. Debt maturity structure is an important category of debt structure. 实际上,债务的结构各异,债务的期限结构就是其中很重要的一种债务结构分类。
This paper has comprehensively studied what factors influencing the debt maturity structure of listed companies in China, what results caused by the large proportion of short-term debt and how to optimize the debt maturity structure. 本文则系统地研究了我国上市公司短期债务主导型债务期限结构的成因、后果及优化对策。
According to the study of our national scholar, compared chinese with western countries, debt maturity structure of the high short-term debt, long-term debt is low, many listed companies 'long-term debt is close to 0, there exists a strong preference for short-term debt financing. 根据国内多位学者的研究,中国与西方国家相比,我国的债务期限结构中短期债务偏高,长期债务比例很低,很多上市公司的长期债务几乎为0,存在强烈的短期债务偏好。
From the 20th century Western scholars began to pay attention to the debt financing structure, the focus of the study can be divided into maturity structure of debt, debt type structure. 从20世纪80年代以来西方学者开始关注债务融资结构问题,其研究的重点可以分为债务期限结构、债务类型结构。
In the current state of the debt maturity structure of state-owned holding companies tend to promote business investment by reducing the debt maturity structure, rather than state-controlled enterprises are mainly to promote business investment by reducing leverage. 在当前的债务期限结构状态下,国有控股企业倾向于通过缩短债务期限结构促进企业投资,而非国有控股企业则主要通过降低杠杆促进企业投资。
Therefore, when Chinese enterprises considering how to choose the debt maturity structure, they should linked their macroeconomic background, research the constraints of external institutional factors on debt maturity structure. 为此,我国企业在考虑如何选择债务期限结构时,应与其所处的宏观经济背景相联系起来,研究外部制度因素对债务期限结构的制约。
The overall debt level and the internal structure of debt maturity and debt source are partially non-suitability about the debt structure of innovative enterprises, and so adjusting debt structure can promote the sustainable growth of innovative enterprises. 创新型企业的债务结构在总体债务水平以及债务期限与债务来源的内部结构方面均存在不同程度的非适度性,通过调整债务结构,能够在一定程度上促进企业的持续成长。
Oppositely, the debt scale of South Korea is not large and the financial condition is in order, but the maturity structure of debt is a serious problem. 3. 韩国虽然债务规模不大且财政状况良好,但在债务的期限结构上存在很大问题。
The debt maturity structure of firm is composing structure and proportion with different term debt. 企业的债务期限结构是指企业的总负债中长期债务和短期债务的构成结构与所占比重。
It should be noticed that the debt maturity structure as an important part of debt structure, contributing to improve the company performance and corporate governance. 债务期限结构作为债务结构研究的一个重要部分,对企业合理制定融资战略,提高绩效和公司治理水平有显著的帮助。
In the part of the standardized research, we analyzed the effects of the debt maturity structure on the agency costs of equity financing and debt financing. 理论部分在总结前人研究成果的基础上,系统分析了不同期限的债务对股权融资代理成本和债务融资代理成本的影响。