摘要

融資決策是企業(yè)一項(xiàng)重要的財(cái)務(wù)決策，它主要分為股權(quán)融資和債務(wù)融資。當(dāng)企業(yè)進(jìn)行債務(wù)融資時(shí)，要考慮債務(wù)期限結(jié)構(gòu)等。企業(yè)債務(wù)期限結(jié)構(gòu)是債務(wù)契約的重要內(nèi)容。關(guān)于債務(wù)期限結(jié)構(gòu)的研究始于20世紀(jì)70年代，學(xué)者們已對(duì)此研究取得了顯著的成果，形成了代理成本假說(shuō)理論、信號(hào)傳遞假說(shuō)理論、稅收假說(shuō)理論等。并且識(shí)別出了債務(wù)期限結(jié)構(gòu)的影響因素，比如成長(zhǎng)性、企業(yè)規(guī)模、實(shí)際稅率等。國(guó)內(nèi)學(xué)者關(guān)于債務(wù)期限結(jié)構(gòu)的研究較晚，相關(guān)的理論研究也較少。
本文采用理論研究與實(shí)證研究相結(jié)合的方法，分析影響企業(yè)債務(wù)期限選擇的因素，分析與債務(wù)期限結(jié)構(gòu)的關(guān)系，以期為企業(yè)經(jīng)營(yíng)決策提供參考。本文對(duì)有關(guān)債務(wù)期限結(jié)構(gòu)的理論基礎(chǔ)進(jìn)行闡述，結(jié)合我國(guó)實(shí)際的制度環(huán)境，從行業(yè)因素、公司特征因素、公司治理因素三個(gè)方面分析債務(wù)期限結(jié)構(gòu)選擇的影響因素，并提出假設(shè)。之后選取上海證券交易所A股市場(chǎng)上市公司2007~2009年的相關(guān)數(shù)據(jù)進(jìn)行實(shí)證研究。通過(guò)分析可以得出，行業(yè)因素是影響債務(wù)期限結(jié)構(gòu)選擇的重要因素，不同行業(yè)之間的債務(wù)期限結(jié)構(gòu)不同。企業(yè)規(guī)模、資產(chǎn)流動(dòng)性、資產(chǎn)期限結(jié)構(gòu)等因素對(duì)我國(guó)上市公司債務(wù)期限結(jié)構(gòu)選擇有顯著影響，成長(zhǎng)性、企業(yè)質(zhì)量、信息不對(duì)稱程度、管理者持股等因素對(duì)我國(guó)上市公司債務(wù)期限選擇沒(méi)有顯著影響。造成這種情況的主要原因是我國(guó)的制度環(huán)境與國(guó)外不同，根據(jù)實(shí)證研究的結(jié)果從宏觀和微觀兩個(gè)方面提出優(yōu)化上市公司債務(wù)期限結(jié)構(gòu)的措施。最后總結(jié)本文的研究成果，并指出本文研究的局限性。

關(guān)鍵詞 上市公司；債務(wù)期限結(jié)構(gòu)；影響因素
Abstract
Corporate financing decision is an important financial decision. It is mainly divided into equity financing and debt financing. When corporate wants to debt financing, it has to consider the debt maturity structure and so on. Corporate debt maturity structure is an important part of the debt contracts. Researches on the debt maturity structure began in the 1970s, and the researchers have got significant achievements. It forms agency cost hypothesis theory，signaling hypothesis theory and tax hypothesis theory . It has been identified .many determinants of the debt maturity structure such as growth, size and tax rate. However, the study on the debt maturity structure is developed later, and the related theoretical research is less.
In this paper, the author combines theoretical research and empirical research method, and analyzes the factors for choosing the debt maturity of the corporate. Then identify the relationship between the debt maturity structure and the factors. All the above is to provide a reference for business decision making. In this paper, the author describes the theoretical basis of the debt maturity structure. Based on the environment of the actual system, the author finds the factors of the debt maturity structure from industry factors, company features factors and company governance structure factors, and then proposes the supposes. Choose the industry data between the year of 2007 and 2009 for Chinese listed companies in Shanghai stock exchange to have a research. Through the analysis of the research, we can obtain that industry factors are very important for choosing the debt maturity structure, and the debt maturity structure is distinct between different industries. Size, liquidity and asset maturity structure impact on the debt structure of Chinese listed companies significantly. Growth, enterprise quality, degree of information asymmetry and managers stake impact on the debt maturity structure of Chinese listed companies insignificantly. The main reason is the differences of the system between abroad and domestic. Finally, summarize the results of this study from the macroscopic and microcosmic aspects, then propose policy recommendations and point out the limitations of this study.

Keywords listed companies; the debt maturity structure; influencing factors
目 錄
摘要 I
Abstract II
第1章 緒論 1
1.1 選題的背景和意義 1
1.1.1 選題的背景 1
1.1.2 選題的意義 1
1.2 國(guó)內(nèi)外研究現(xiàn)狀 2
1.2.1 國(guó)外研究現(xiàn)狀 2
1.2.2 國(guó)內(nèi)研究現(xiàn)狀 3
1.3 研究思路、內(nèi)容及創(chuàng)新點(diǎn) 5
1.3.1 研究思路 5
1.3.2 研究?jī)?nèi)容 5
1.3.3 創(chuàng)新點(diǎn) 6
1.4 本章小結(jié) 6
第2章 債務(wù)期限結(jié)構(gòu)的基礎(chǔ)理論 7
2.1代理成本理論 7
2.1.1 投資過(guò)度問(wèn)題與債務(wù)期限 8
2.1.2 投資不足問(wèn)題與債務(wù)期限 8
2.1.3 資產(chǎn)替代問(wèn)題與債務(wù)期限 9
2.2 信號(hào)傳遞理論 10
2.2.1 信息不對(duì)稱、交易成本與債務(wù)期限 10
2.2.2 信息不對(duì)稱、企業(yè)價(jià)值與債務(wù)期限 10
2.2.3 信息不對(duì)稱、清算風(fēng)險(xiǎn)與債務(wù)期限 11
2.3 稅收理論 12
2.3.1 稅收、利率與債務(wù)期限 12
2.3.2 稅收、稅率與債務(wù)期限 12
2.3.3 稅收與企業(yè)價(jià)值波動(dòng)性 13
2.4其他假說(shuō)理論 13
2.4.1 期限匹配假說(shuō)理論 13
2.4.2 發(fā)行成本假說(shuō)理論 14
2.4.3 清算風(fēng)險(xiǎn)假說(shuō)理論 15
2.4.4 利率風(fēng)險(xiǎn)假說(shuō)理論 15
2.5 本章小結(jié) 18
第3章 我國(guó)上市公司債務(wù)期限結(jié)構(gòu)的影響因素分析 19
3.1 行業(yè)因素 19
3.2 公司特征因素 20
3.2.1 與代理成本理論相關(guān)的影響因素 20
3.2.2 與信號(hào)傳遞理論相關(guān)的影響因素 21
3.2.3 與稅收理論相關(guān)的影響因素 23
3.2.4 與期限匹配理論相關(guān)的影響因素 25
3.3 公司治理結(jié)構(gòu)因素 26
3.3.1 第一大股東持股 26
3.3.2 少數(shù)大股東持股 26
3.3.3 管理層持股 27
3.3.4 國(guó)家持股 27
3.4 本章小結(jié) 28
第4章 我國(guó)上市公司債務(wù)期限結(jié)構(gòu)影響因素的實(shí)證研究 30
4.1 樣本的選擇 30
4.2 債務(wù)期限結(jié)構(gòu)度量方法..