区域金融发展对中国上市公司债务期限结构影响的实证研究
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摘要
债务期限结构是企业财务决策的重要内容,也是资本结构理论研究的重要组成部分。不同期限、不同性质的债务对公司的运营和投资行为具有不可忽略的影响。自20世纪70年代,债务期限结构研究识别了众多影响债务期限选择行为的内生因素,如企业未来成长性的选择权、自由现金流量、信息的不对称程度和实际所得税税率等。然而仅仅使用这些内生因素不能很好的解释债务期限的国别差异,于是,对债务期限结构影响因素的研究开始从对内生因素的关注扩展到基于制度、环境因素的影响分析上。本文认为,金融发展作为公司生存的重要制度环境,对公司债务期限选择具有重要影响。
基于此,本文先对债务期限结构的代理成本假说、信息不对称假说、税收和利率假说以及企业融资结构地区差异的相关研究进行了梳理。第三章阐述了金融体系的功能和我国区域金融发展的现状。在此基础上,本文分别从代理成本、信息不对称及金融市场化角度,理论分析了地区金融发展差异对企业债务期限结构选择行为可能产生的影响。本文认为中国金融市场化改革过程中非国有金融机构的发展和竞争,尤其是民间金融发展的不平衡,对我国各地公司的债务期限结构具有重要影响。政府对金融机构业务活动的干预、政府与企业的天然联系以及我国不完善的法律体系也促使我国各地上市公司债务期限偏短。
实证部分,本文构造了区域金融发展指标体系,使用因子分析法计算我国各省、市金融发展水平的综合排名。接着,以中国上市公司经验数据为样本,实证分析了我国区域金融发展的不平衡对企业债务期限结构的影响。研究结果表明,我国上市公司所在地金融发展程度越高,其债务期限结构就越短,即公司的短期债务比例越高。因此本文认为,中国上市公司债务期限较短的现状,并非完全由企业自身选择行为的非理性所造成,金融体系的发展及区域差异,使得企业融资行为的理性表现呈现出某些特殊性,债务期限结构表现为短期负债为主。
本文实证过程中还对已有债务期限结构理论在我国的适用性进行了验证。结果表明:经验证据对债务期限结构的代理成本假说及资产匹配假说表现出强有力的支持,但债务期限的信号传递假说及自由现金流假说的代理变量没有通过显著性检验。这说明,我国上市公司在进行债务期限选择时,通常更注重债务期限结构在降低代理成本和违约风险方面的作用。
Debt maturity holds significant position not only in company's financial decision, but also in capital structure study. Debt of different maturity can have great influence on a company's value and investment behavior. Since 1980's, theory of debt maturity have identified many endogenous factors, such as enterprise growth opportunity, free cash flow, asymmetric information and effective tax rate etc. As these endogenous factors can not perfectly interpret debt maturity disparity among different nations, researchers began to extend their attentions to institution and environment analysis. Financial development, as an important part of institutional factors for firms, is anticipated to have impact on debt maturity in this paper.
This dissertation first reviews the existing theory of debt maturity and studies on corporate financing disparity. The next chapter presents the function of finance system and the actual situation of Chinese regional financial development. Based on these theories, we reveal the possible associations between financial disparity and corporate debt maturity structure. Our conclusion indicates that growth and character of non-stated-owned finance institutions, especially the imbalance of civil finance exerts great influence on debt maturity. Interventions in financial activities by government, natural relationship between government and corporations and incomplete legislation cause low debt maturity in our country as well.
In the sthenia syndrome part, factor analysis method is applied to calculate comprehensive index which reflects regional financial development of our country. Then we analyze the effects of regional financial disparity on corporate debt maturity on the basis of listed company's empirical data. It is found that corporate debt maturity is relatively low in regions with a higher developed finance system. This conclusion signifies that debt maturity structure is not completely related to company's irrational choice behavior, to some extent, it has to comply with the development of regional finance system. Therefore, Chinese listed company holds great proportions of short term debt.
This paper also verifies the applicability of existing theory of debt maturity in China. Empirical evidences support the agency cost hypothesis and maturity matching hypothesis. However, the deputy variables of asymmetric information and free cash flow hypothesis can not pass the significance test, which means that Chinese listed companies lay more stress on the contributions of debt maturity structures to reduce agency cost and risks from breaking a contract when they make a financing decision.
基于此,本文先对债务期限结构的代理成本假说、信息不对称假说、税收和利率假说以及企业融资结构地区差异的相关研究进行了梳理。第三章阐述了金融体系的功能和我国区域金融发展的现状。在此基础上,本文分别从代理成本、信息不对称及金融市场化角度,理论分析了地区金融发展差异对企业债务期限结构选择行为可能产生的影响。本文认为中国金融市场化改革过程中非国有金融机构的发展和竞争,尤其是民间金融发展的不平衡,对我国各地公司的债务期限结构具有重要影响。政府对金融机构业务活动的干预、政府与企业的天然联系以及我国不完善的法律体系也促使我国各地上市公司债务期限偏短。
实证部分,本文构造了区域金融发展指标体系,使用因子分析法计算我国各省、市金融发展水平的综合排名。接着,以中国上市公司经验数据为样本,实证分析了我国区域金融发展的不平衡对企业债务期限结构的影响。研究结果表明,我国上市公司所在地金融发展程度越高,其债务期限结构就越短,即公司的短期债务比例越高。因此本文认为,中国上市公司债务期限较短的现状,并非完全由企业自身选择行为的非理性所造成,金融体系的发展及区域差异,使得企业融资行为的理性表现呈现出某些特殊性,债务期限结构表现为短期负债为主。
本文实证过程中还对已有债务期限结构理论在我国的适用性进行了验证。结果表明:经验证据对债务期限结构的代理成本假说及资产匹配假说表现出强有力的支持,但债务期限的信号传递假说及自由现金流假说的代理变量没有通过显著性检验。这说明,我国上市公司在进行债务期限选择时,通常更注重债务期限结构在降低代理成本和违约风险方面的作用。
Debt maturity holds significant position not only in company's financial decision, but also in capital structure study. Debt of different maturity can have great influence on a company's value and investment behavior. Since 1980's, theory of debt maturity have identified many endogenous factors, such as enterprise growth opportunity, free cash flow, asymmetric information and effective tax rate etc. As these endogenous factors can not perfectly interpret debt maturity disparity among different nations, researchers began to extend their attentions to institution and environment analysis. Financial development, as an important part of institutional factors for firms, is anticipated to have impact on debt maturity in this paper.
This dissertation first reviews the existing theory of debt maturity and studies on corporate financing disparity. The next chapter presents the function of finance system and the actual situation of Chinese regional financial development. Based on these theories, we reveal the possible associations between financial disparity and corporate debt maturity structure. Our conclusion indicates that growth and character of non-stated-owned finance institutions, especially the imbalance of civil finance exerts great influence on debt maturity. Interventions in financial activities by government, natural relationship between government and corporations and incomplete legislation cause low debt maturity in our country as well.
In the sthenia syndrome part, factor analysis method is applied to calculate comprehensive index which reflects regional financial development of our country. Then we analyze the effects of regional financial disparity on corporate debt maturity on the basis of listed company's empirical data. It is found that corporate debt maturity is relatively low in regions with a higher developed finance system. This conclusion signifies that debt maturity structure is not completely related to company's irrational choice behavior, to some extent, it has to comply with the development of regional finance system. Therefore, Chinese listed company holds great proportions of short term debt.
This paper also verifies the applicability of existing theory of debt maturity in China. Empirical evidences support the agency cost hypothesis and maturity matching hypothesis. However, the deputy variables of asymmetric information and free cash flow hypothesis can not pass the significance test, which means that Chinese listed companies lay more stress on the contributions of debt maturity structures to reduce agency cost and risks from breaking a contract when they make a financing decision.
引文
4 中国人民银行,中国金融年鉴,中国人民银行出版,2006,北京.
2 樊纲,王小鲁,张立文,朱恒鹏,中国各地区市场化相对进程报告,经济研究,2003(03),第15页.
3 金雪军,朱建芳,中国各地区金融市场化的实证分析,电子科技大学学报(社科版),2006(08),第12页.
1. Rajan R., Zingales L., Financial Dependence and Growth, American Economic Review, 1998(88):559-587
2. Demirguc-Kunt, Maksimovic, Law, Finance, and Firm Growth, Journal of Finance, 1998(53): 2107-2137
3. Barclay M.J., Smith. Jr., the Maturity of Corporate Debt, Journal of Finance, 1995 (50): 604-631
4. Myers, S.C., Determinants of Corporate Borrowing, Journal of Financial Economics, 1977(5): 147-175
5. Jensen, M.C., Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, 1986(76): 323-339
6. Oliver Hart and John Moore, Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management, the American Economic Review, 1995(85): 567-585
7. Flannery, M., Asymmetric Information and Risk Debt Maturity Structure Choice, Journal of Finance, 1986(41):18-38
8. Kale, J.R., Noe, T.H., Risk Debt Maturity Choice in a Sequential Equilibrium, Journal of Financial Research, 1990(13): 155-165
9. Diamond, D.W., Debt Maturity Structure and Liquidity Risk, Quarterly Journal of Economics, 1991(106):709-737
10. Brick, I.E., Ravid, S.A., On the Relevance of Debt Maturity Structure, Journal of Finance,1985(40):1423-1437
11. Scholes, M. S., Wolfson, M., Taxes and Business Strategy: a Planning Approach, Rentice-Hall, Engle wood Cliffs, 1992, NJ
12. La Rocca, E.T., La Rocca, M., Capital Structure, Debt-Maturity Structure and Local Financial Development: An Empirical Analysis in Italy, 2004, working paper from www.ssrn.com
13. Love, Financial Development and Financing Constraints: International Evidence from the Structural Investment Model. World Bank Working Paper, 2001( 2694)
14. Gerard Caprio, Patrick Honohan, Does Financial Reform Raise or Reduce Saving?, The Review of Economics and Statistics, 2000(82): 239-263
15. Frederick C. Scherr, Heather M. Hulburt, the Debt Maturity Structure of Small Firms, Financial Management, 2001(30): 85-111
16. Schiantarelli, F., SrivastavaV., The Maturity Structure of Debt: Determinants and Effects on Firm's Performance: Evidence from the UK and Italy, Policy Research Working Paper, Work Bank
17. Chang-Soo Kim, David C. Mauer and Mark Hoven Stohs, Corporate Debt Maturity Policy and Investor Tax-Timing Options: Theory and Evidence, Financial Management, 1995(24): 33-45
18. Mitchell K., the Debt Maturity Choice: an Empirical Investigation, Journal of Financial Research, 1991(16): 309-320
19. Jose Guedes, Tim Opler, the Determinants of the Maturity of Corporate Debt Issues, The Journal of Finance, 1996(51): 1809-1833
20. Barnea,A., Haugen,R. and Senbet,L.W., An Equilibrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems, Journal of Finance, 1981(36): 569-581
21. Beck,T. Levine,R. and Loayza, N. Finance and the Sources of Growth. Journal of financial Economics, 2000(58): 261-300
22. Bekaert G, C. Harvey, C. and Lundblad. Does Financial Liberalization Spur Growth?, Journal of Financial Economics, 2005 (77):764-781
23. Demirguc-Kunt, Maksimovic. Funding Growth in Bank-Based and Market-Based Financial Systems: Evidence from Firm-Level Data, Journal of Financial Economics, 2002(650):337-363
24. Levine,R., Law, Finance, and Economic Growth. Journal of Financial Intermediation, 1999(8): 8-35
25. Levine,R, Zervos S. Stock Markets, Banks, and Economic Growth. American Economic Review, 1998(88): 537-558
26. Mark Hoven Stohs, David C. Mauer, the Determinants of Corporate Debt Maturity Structure, the Journal of Business, 1996(69): 279-312
27.肖作平,中国上市公司债务期限结构特征的实证检验,证券市场导报,2006(02):51-57
28.周孝坤,上市公司债务期限结构影响因素实证研究,金融市场,2006(11):45-46
29.李斌,江伟,金融发展、融资约束与企业成长,当代财经,2006(03):68-78
30.麦勇,自由进程中的中国区域金融比较研究,中国经济出版社,北京,2005
31.杨德权,梁艳,金融发展与经济增长:国外研究综述,财经问题研究,2005(03):15-19
32.熊彼特,经济发展理论,中国社会出版社,1999,北京
33.戈德史密斯,金融结构与金融发展,上海人民出版社,1994,上海
34.张军洲,中国区域金融分析,中国经济出版社,1995,北京
35.周立、胡鞍刚,中国各地区金融发展与经济增长,清华大学出版社,2004,北京
36.程华,中国的金融发展与经济增长:基于微观数据的实证研究,经济理论与经济管理,2004(05):24-29
37.程璐,王晨烨,浙江金融结构分析及其对民企融资选择影响,经济研究,2006(06):19-20
38.赵志华,对我国民间金融的认识和思考,集团经济研究,2006(10):29-32
39.陈莹,中国民间金融:产生逻辑、制度绩效与引导原则,金融教学与研究,2005(02):17-18
40.马辉,非正规金融发展与经济增长关系的实证分析,统计与信息论坛,2006(11):102-106
41.王婧文,宋翊翔,关于浙江民营金融中介发展与经济增长关系的实证分析,技术经济与管理研究,2006(06):59-61
42.宋玮,市场化进程中的金融中介与金融市场,中国人民大学出版社,2006,北京
43.刘冰,廖泥,曲金龙,中国民间金融现状及特点调查分析——以东北、西北、华北和西南地区为例,2006(04):20-22
44.雷森,李传昭,李奔波,信号传递下的企业债务期限结构选择,2004(09):144-152
45.罗纳德·麦金农,经济自由化的顺序,中国金融出版社,1993,北京
46.金雪军,朱建芳,中国各地区金融市场化的实证分析,电子科技大学学报(社科版),2006(08):10-15
47.孙铮,刘凤委,李增泉,市场化程度、政府干预与企业债务期限结构—来自我国上市公司的经验证据,经济研究,2005(05):52-63
48.刘仁伍,区域金融结构和金融发展理论与实证研究,经济管理出版社,2003,北京
49.樊纲,王小鲁,张立文,朱恒鹏,中国各地区市场化相对进程报告,经济研究,2003(03):9-18
50.肖作平,李孔,债务到期结构的影响因素:理论和证据,证券市场导报,2004(03):24-29
51.袁卫秋,上市公司债务期限结构的实证研究—来自汽车制造业的证据,经济评论,2005(03):76-80
52.韩德宗,向凯,从企业债权融资的现实看公司债券的发行—以医药、生物制品行业上市公司为例的实证分析,浙江社会科学,2003(04):75-80
53.周孝坤,上市公司债务期限结构影响因素实证研究,上海金融,2006(11):45-48
54.曾秋根,企业债务期限结构错配的风险及对策困境分析—以华源集团为例,审计与经济研究,2006(05):86-90
2 樊纲,王小鲁,张立文,朱恒鹏,中国各地区市场化相对进程报告,经济研究,2003(03),第15页.
3 金雪军,朱建芳,中国各地区金融市场化的实证分析,电子科技大学学报(社科版),2006(08),第12页.
1. Rajan R., Zingales L., Financial Dependence and Growth, American Economic Review, 1998(88):559-587
2. Demirguc-Kunt, Maksimovic, Law, Finance, and Firm Growth, Journal of Finance, 1998(53): 2107-2137
3. Barclay M.J., Smith. Jr., the Maturity of Corporate Debt, Journal of Finance, 1995 (50): 604-631
4. Myers, S.C., Determinants of Corporate Borrowing, Journal of Financial Economics, 1977(5): 147-175
5. Jensen, M.C., Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, 1986(76): 323-339
6. Oliver Hart and John Moore, Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management, the American Economic Review, 1995(85): 567-585
7. Flannery, M., Asymmetric Information and Risk Debt Maturity Structure Choice, Journal of Finance, 1986(41):18-38
8. Kale, J.R., Noe, T.H., Risk Debt Maturity Choice in a Sequential Equilibrium, Journal of Financial Research, 1990(13): 155-165
9. Diamond, D.W., Debt Maturity Structure and Liquidity Risk, Quarterly Journal of Economics, 1991(106):709-737
10. Brick, I.E., Ravid, S.A., On the Relevance of Debt Maturity Structure, Journal of Finance,1985(40):1423-1437
11. Scholes, M. S., Wolfson, M., Taxes and Business Strategy: a Planning Approach, Rentice-Hall, Engle wood Cliffs, 1992, NJ
12. La Rocca, E.T., La Rocca, M., Capital Structure, Debt-Maturity Structure and Local Financial Development: An Empirical Analysis in Italy, 2004, working paper from www.ssrn.com
13. Love, Financial Development and Financing Constraints: International Evidence from the Structural Investment Model. World Bank Working Paper, 2001( 2694)
14. Gerard Caprio, Patrick Honohan, Does Financial Reform Raise or Reduce Saving?, The Review of Economics and Statistics, 2000(82): 239-263
15. Frederick C. Scherr, Heather M. Hulburt, the Debt Maturity Structure of Small Firms, Financial Management, 2001(30): 85-111
16. Schiantarelli, F., SrivastavaV., The Maturity Structure of Debt: Determinants and Effects on Firm's Performance: Evidence from the UK and Italy, Policy Research Working Paper, Work Bank
17. Chang-Soo Kim, David C. Mauer and Mark Hoven Stohs, Corporate Debt Maturity Policy and Investor Tax-Timing Options: Theory and Evidence, Financial Management, 1995(24): 33-45
18. Mitchell K., the Debt Maturity Choice: an Empirical Investigation, Journal of Financial Research, 1991(16): 309-320
19. Jose Guedes, Tim Opler, the Determinants of the Maturity of Corporate Debt Issues, The Journal of Finance, 1996(51): 1809-1833
20. Barnea,A., Haugen,R. and Senbet,L.W., An Equilibrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems, Journal of Finance, 1981(36): 569-581
21. Beck,T. Levine,R. and Loayza, N. Finance and the Sources of Growth. Journal of financial Economics, 2000(58): 261-300
22. Bekaert G, C. Harvey, C. and Lundblad. Does Financial Liberalization Spur Growth?, Journal of Financial Economics, 2005 (77):764-781
23. Demirguc-Kunt, Maksimovic. Funding Growth in Bank-Based and Market-Based Financial Systems: Evidence from Firm-Level Data, Journal of Financial Economics, 2002(650):337-363
24. Levine,R., Law, Finance, and Economic Growth. Journal of Financial Intermediation, 1999(8): 8-35
25. Levine,R, Zervos S. Stock Markets, Banks, and Economic Growth. American Economic Review, 1998(88): 537-558
26. Mark Hoven Stohs, David C. Mauer, the Determinants of Corporate Debt Maturity Structure, the Journal of Business, 1996(69): 279-312
27.肖作平,中国上市公司债务期限结构特征的实证检验,证券市场导报,2006(02):51-57
28.周孝坤,上市公司债务期限结构影响因素实证研究,金融市场,2006(11):45-46
29.李斌,江伟,金融发展、融资约束与企业成长,当代财经,2006(03):68-78
30.麦勇,自由进程中的中国区域金融比较研究,中国经济出版社,北京,2005
31.杨德权,梁艳,金融发展与经济增长:国外研究综述,财经问题研究,2005(03):15-19
32.熊彼特,经济发展理论,中国社会出版社,1999,北京
33.戈德史密斯,金融结构与金融发展,上海人民出版社,1994,上海
34.张军洲,中国区域金融分析,中国经济出版社,1995,北京
35.周立、胡鞍刚,中国各地区金融发展与经济增长,清华大学出版社,2004,北京
36.程华,中国的金融发展与经济增长:基于微观数据的实证研究,经济理论与经济管理,2004(05):24-29
37.程璐,王晨烨,浙江金融结构分析及其对民企融资选择影响,经济研究,2006(06):19-20
38.赵志华,对我国民间金融的认识和思考,集团经济研究,2006(10):29-32
39.陈莹,中国民间金融:产生逻辑、制度绩效与引导原则,金融教学与研究,2005(02):17-18
40.马辉,非正规金融发展与经济增长关系的实证分析,统计与信息论坛,2006(11):102-106
41.王婧文,宋翊翔,关于浙江民营金融中介发展与经济增长关系的实证分析,技术经济与管理研究,2006(06):59-61
42.宋玮,市场化进程中的金融中介与金融市场,中国人民大学出版社,2006,北京
43.刘冰,廖泥,曲金龙,中国民间金融现状及特点调查分析——以东北、西北、华北和西南地区为例,2006(04):20-22
44.雷森,李传昭,李奔波,信号传递下的企业债务期限结构选择,2004(09):144-152
45.罗纳德·麦金农,经济自由化的顺序,中国金融出版社,1993,北京
46.金雪军,朱建芳,中国各地区金融市场化的实证分析,电子科技大学学报(社科版),2006(08):10-15
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