摘要
债务期限结构是企业财务决策的重要内容,它不仅关系到企业的财务成本和债务偿还计划,还影响企业债权人的经济效益与经营风险。传统的财务理论早在20世纪70年代就开始了对债务期限结构问题的研究,其中代表性的理论包括,委托代理理论、信号传递理论、资产期限匹配理论以及税收理论等,并已经识别出诸如企业的资产期限、企业规模、成长性、违约率和实际税率等许多影响债务期限结构选择的因素。尽管如此,这些研究成果大部分是基于英、美等发达国家的制度背景发展起来的,很少有研究关注债务期限结构在不同制度环境下的差异,尤其是我国转型经济这一特殊的制度背景。
众所周知,我国上市公司的债务期限结构十分特殊,与西方发达国家以长期债务为主的债务融资结构相比,我国的企业更多地依赖于短期债务,而长期负债的比例很低。造成这一现象的原因有来自企业内部的因素,但更大程度上是由于制度的差异所导致的。目前,我国正处于经济转型时期,由于历史、体制等原因,我国的企业一直以来面临着较高的外部不确定性,企业必须时刻关注制度变迁过程中自身所面临的发展机遇以及制度变迁对企业发展战略、投融资行为、经营决策、交易成本的影响。这期间,企业所表现出来的“行为短期化”、“双重依赖”、“扩张冲动”、“投资饥渴”等按照成熟市场条件衡量的企业不理智行为很可能是转型经济条件下企业为适应外部制度环境的理性选择。那么,在转型经济的特殊环境下,我国企业是如何进行债务期限选择的?影响他们债务期限结构选择的因素又有哪些?国外影响债务期限结构选择的因素是否以相类似的方式影响中国上市公司的债务期限?等等,这些问题有待于理论模型的建立和实证的检验。
遵循理论研究、实证分析和提出政策建议的思路,本文在国内外理论和实证研究的基础上,结合我国转型经济的制度背景和金融环境,从宏观因素、公司特征、治理结构三个层面入手,对我国上市公司的债务期限结构的影响因素做了系统深入的理论分析。同时,选取我国非金融类上市公司为样本,综合运用多元回归模型、动态调整模型、二分类Probit,Logit模型以及差分估计方法,对影响我国上市公司债务期限结构的各层面因素进行实证检验,为上市公司债务期限结构的优化提供了理论和实践依据。
根据理论和实证研究结果,作者发现:(1)宏观环境的变化,包括宏观经济发展、金融体制、资本市场以及法制环境对我国上市公司的债务期限结构具有重要的影响。其中,金融机构规模、债券市场规模、法律制度和执法效率与债务期限结构显著正相关;利率期限结构、股票市场规模、资本市场信息披露的失真程度与公司债务期限结构负相关;经济发展水平与债务期限结构的关系则不显著。并且不同规模的上市公司受宏观因素影响的程度也有所不同,债券市场的发展和法制环境的改进对大公司的债务期限结构影响较大,而小公司则更可能从金融系统的发展中受益。此外,我国上市公司债务期限结构存在明显的地区和行业差异。(2)影响国外公司债务期限结构选择的公司特征因素,也几乎以类似的方式影响我国上市公司的债务期限结构。其中,资产期限、资产构成、公司规模、实际税率与债务期限结构正相关;自由现金流量、非预期盈余与债务期限结构负相关;而成长性、违约风险对债务期限结构则无显著影响。总体而言,债务期限结构的期限匹配假设、代理成本假设、信息不对称假设能较好地解释我国上市公司的债务融资行为。此外,动态模型的结果还证实了交易成本是影响我国债务期限结构的一个重要因素。(3)公司治理结构与公司债务期限结构之间存在着相互的作用,上市公司的公司治理水平越高,越有利于公司获得长期外部融资。其中股权集中度与公司债务期限结构负相关;董事会独立性与公司债务期限结构正相关;国有股权与公司债务期限结构之间是非线性的;管理者持股和机构投资者持股对公司债务期限结构的影响则不显著。另外,不同国家控制方式下的上市公司债务期限结构也存在着差异,且第一大股东性质变更会对公司债务期限结构产生重要的影响。
本文的创新之处主要体现在:(1)对现有债务期限结构问题的研究框架进行了补充。本文借鉴了国外有关的理论和实证研究成果,结合我国转型经济的制度特点,对上市公司的债务期限决策进行理论和实证研究,探讨特殊制度环境下公司债务期限结构的影响因素,解析制度差异对债务期限决策的影响,丰富和完善了现有的债务期限理论体系。国外现有的研究成果大多集中于公司层面,本文融合了多维度视角,从宏观层面、微观层面和公司内部治理多个层面对债务期限结构影响因素的全方位考察深化了原有的分析框架,有利于系统把握影响我国上市公司债务期限决策的重要因素,进而更好地揭示我国上市公司短期债务融资占绝对主导地位的深层次原因,这种全方位的研究在以前的文献中也较为鲜见。(2)改进了现有的国内相关实证研究的研究方法。考虑到公司的债务期限结构是长期决策的结果,本文适当加长了时间进行动态分析。通过使用我国非金融类上市公司面板数据,并控制时间特征效应和不可观察公司特征因素,构建债务期限结构的动态调整模型(DPD-GMM)分析公司因素如何影响中国上市公司债务期限结构选择。研究发现,调整成本(交易成本)影响我国上市公司债务期限结构的优化。(3)在对特定的背景下对债务期限结构进行检验时,得出了一些与先前研究不同的结论。比如,经济发展水平虽然使债务总量增加,但并未改变长期债务与短期债务之间的比例;我国上市公司的股权融资和长期债务融资之间存在着较强的替代关系使得股票市场规模与公司债务期限结构负相关;公司违约风险对债务期限结构无显著影响,政府的预算软约束使负债融资成本几乎不受违约风险的影响等等。此外,本文还对各子样本受相关因素影响的差异作了分类讨论。(4)首次把我国的公司治理问题与债务期限结构联系起来,证实了公司治理结构与公司债务期限结构之间存在着相互的作用。实证研究表明,上市公司的内部治理水平越高,越有利于公司获得长期外部融资。本文还重点分析了政府干预的影响,发现国有股权与公司债务期限结构之间呈U型关系,上市公司的债务期限结构随国家持股规模先下降,然后上升,且拐点发生在国家达到控股水平以后。同时,不同国家控制方式下的上市公司债务期限结构也存在着差异,国家直接控股公司的债务期限结构显著高于国家间接控股公司和非国家控股公司。最后,本文通过分析第一大股东性质变更对公司债务期限结构产生的影响,发现国有直接控制权的转移会导致公司债务期限结构出现结构性的调整。
Debt maturity structure is one of most important issues in corporate finance. The costs and benefits of debtor and creditor that are associated with the use of debt financing can provide a potential explanation for the optimal debt maturity structure chosen by a firm. Traditional financial theories turned to this issue since 1970's. The existing theories on debt maturity choice included agency cost hypothesis, signaling hypothesis, tax hypothesis, and maturity matching hypothesis etc. Many determinants of debt maturity structures were identified such as asset maturity, size, growth opportunity, default risk and tax rate. However, much of these researches have been directed largely towards companies listed in developed countries, such as the U.S., U.K. and Western Europe. Only a few studies paid attention to the debt maturity choice in different institutional environments, especially in a transition economy which changed from former planned economic.
As well known, Chinese listed companies replied deeply on short debt in financing structure, which are different from western developed countries. With higher exterior uncertainty in the transition, Chinese companies have to pay attention to the effect of institutional transition on their development opportunity, strategy, financing behavior, management decision and trade cost all along. Therefore, their "reasonless behaviors" are much more likely to be the necessary choices for acclimatizing themselves to institutional environment. Given the special institutional environment may be interesting and important for academics, managers, and policy makers to determine how institutional environment affects the debt maturity structure of Chinese listed company choice, and whether the debt maturity structure theories developed in Western countries can be applied to Chinese companies in the same way. In particular, it is interesting to investigate how Chinese listed companies chose their debt maturity in the transition, and what factors should be responsible for the choice of debt maturity structures of Chinese listed companies. All these problems are open for theoretical analysis and empirical test.
Following the thought of theoretical analysis, empirical test and then giving the proposition, this dissertation suggests a general framework to understand the debt maturity structure of Chinese companies. Based on reviewing relevant literatures and combined the institutional environment of Chinese transition economy, the author suggests that firms with different attributes of macroeconomics-specific, firm-specific and governance-specific maintain different debt maturity structures each of which is optimal to them. Then, with a new and comprehensive panel of publicly listed companies in China, the author uses econometrical technologies of linear regression, dynamic adjustment model, binary logistic and differences estimation to develop the optimal debt maturity structure model for Chinese listed companies.
The main findings of the dissertation are as follows:
First, the Change of macroeconomics environment including economic development, financial system, capital market and legal system has important influence on debt maturity structure of Chinese listed companies. The development of financial intermediaries, legal order and efficiency are significantly positively related to debt maturity, and term structure, the development of stock markets, lack of information disclosure in financial market are significantly negatively related to debt maturity, while the coefficient of economic development is insignificant. It is also found that the influence of macroeconomics environment is not same for listed companies with different size. It is the development of bond market and legal environment that have much more effects on big firms, while the improvement of bank system affects small firm better. Besides, there are significant difference for debt maturity structure of Chinese listed company in each region and industry.
Second, the debt maturity structure theories developed in Western countries can be applied to Chinese companies almost in the same way. Firms with shorter asset maturity, more fixed asset, larger size or higher interest rate use more long-term debt. Firms with more free cash flow or better quality issue more short-term debt. The relationship between the growth opportunity, default risk and debt maturity is statistically insignificant. Therefore, maturity matching hypothesis, agency cost hypothesis and signaling hypothesis are proved to explain the debt financing behavior of Chinese listed company appropriately. Moreover, the result of dynamic model offers strong evidence that transaction cost affect debt maturity of Chinese companies.
Third, debt maturity structure and corporate governance are substitutes. Firm's debt maturity increases with the improvement of corporate governance. Lower ownership concentration and more independent board of directors are helpful for companies to get long-term credit. The relationship between state ownership and debt maturity structure is non-monotonic. There is no evidence for the effect of managerial and institutional ownership in china. In addition, the change of character of the first shareholders has significant impact on corporate debt maturity structure due to the difference between listed companies controlled by government directly and indirectly.
This dissertation has the following innovations or improvements:
Firstly, this paper is a complement of existing research for debt maturity structure, which empirically analyses the debt maturity choice of Chinese listed companies based on extant works in western development countries and institutional characteristic of transition economy in China. It consummates the existing theory system of debt maturity by discussing the determinants of debt maturity structures in specific institutional environment, and resolving the effect of institution on corporate debt maturity choice. Extensively examining the determinants of debt maturity structure from macroeconomics-specific, firm-specific and governance-specific dimensions deepen the extant research frame. It is therefore in favor of understanding the determinants of Chinese listed company's financing behavior systematically, and finding out the deep reason why short-term debt is dominant in Chinese company better.
Secondly, this paper improves the existing analytic approach of domestic research. Given the long-term decision of corporate debt maturity structure, the author constructs a dynamic adjustment model to analyze empirically how firm characteristics affect debt maturity structure choice by Chinese non-financially listed companies' panel data, when controlling time-specific effects and time-invariant unobservable firm specific fixed effects. The result shows that transaction cost keep companies away from optimal debt maturity structure in our country.
Thirdly, some particular conclusions on debt maturity structure have been drawn out at institutional background of Chinese transition economy. For example, the development of economy does not change the proportion of short debt to long debt, although it makes total amount of debt increased; the size of stock market is negatively related to debt maturity structure, to the extent that equity financing and long debt financing substitute mutually; there are no obvious relationship between default risk and corporate debt maturity for soft budget constraint of government. Moreover, this paper also focuses on determinants for each sub-sample, and the difference between them.
Finally, this paper associates problems of corporate governance in China with debt maturity structure choice at first time, and proves that corporate governance structure can act as a substitute for the short-term debt. Firms with higher level of inner governance can get much more long-term debt outside. The paper also put emphasis upon the effect of government intervention, and found a significant U-shaped relation between state ownership and debt maturity structure, suggesting that debt maturity first decreases then increases as the ownership of government shareholder increase. Simultaneously, firms controlled by government directly use much more long-term debt than firms controlled by government indirectly or firms without government control. At last, the author proved that the transformation of direct government control will lead to structural adjustment for corporate debt maturity structure by examining the effect of the first shareholders change empirically.
引文
1 Eaton,Jonathan and Harvey S.Rosen,“Agency,Delayed Compensation and the Structure of Remuneration.”Journal of Finance,1983,Vol.38,No.5,pp.1489-1505.
1 见Jensen(1986),“Agency cost of free cash flow,Corporate Finance,and Takeovers”.American Economic Review 76,pp323.
1 相关研究请参见:德国(Edwardaand Fischer,1994;Franks and Mayer,1994;Gorton and Sxhmid,1996)、日本(Prowse,1992;Berglof and Perotti,1994)、意大利(Barca,1995)以及OECD(Maher and Andersson,2000)、东亚(Claessens et al,2000)和许多发展中国家(La Porta et al,1998)。
1 详见Jenscn and Meckling,Theory of the firm:Managerial behavior,agency cost and ownership structure,Journal of Financial Economics,1976,3:305-360.
1 Steiner (1972) and Hackman (1990) 的研究也支持了随着董事规模的增大其有效性变弱,因为协调和处理问题超过规模较大带来的优势(参见Jensen,1993)。
2 Lipton and Lorsch (1992) 在他们的董事会分析中也建议董事会成员限制在7或8人,并提高他们的股份。
[1]Agrawl,A.,& C.R.Knoeber.Firm performance and mechanisms to control agency problem between managers and shareholders[J].Journal of Financial and quantitative analysis 31,1996:377-397.
[2]Agrawal,A.,& G.Mandelker.Managerial incentives and corporate investment and financing decisions[J].Journal of Finance 42,1987:823-837.
[3]Agrawal,A.,& G.Mandelker.Large shareholders and the monitoring of managers:The case of anti-takeover charter amendments[J].Journal of Financial and Quantitative Analysis 25,1990:143-161.
[4]Agrawal,A.,& N.Nagarajan.Corporate capital structure,agency costs,and ownership control:The case of all-equity firms[J].Journal of Finance 45,1990:1325-1331.
[5]Andrew,William Patrick,Ph.D.The Effect of Firm Debt Maturity Structure on Fim Value[D].Dissertation for the Degree or Doctor,Pennsylvania State University,1988.
[6]Antoniou,A.,Y.Guney,& K.Paudyal.The Determinants of Corporate Debt Maturity Structure[J],2002.
[7]Baker,M.,& J.Wurgler.Market timing and capital structure[J].Journal of Finance 62,2002:1-32.
[8]Baker,M.,R.Greenwood,& J.Wurgler.The maturity of debt issues and predictable variation in bond returns[J].Journal of Financial Economics,2002.
[9]Baker,M.,R.Greenwood,& J.Wurgler.The maturity of debt issues and predictable variation in bond returns[J].Journal of Financial Economics 70,2003,no.2:261-291.
[10]Barclay,M.J.,& J.Clifford W.Smith.The Maturity Structure of Corporate Debt[J].The Journal of Finance 50,1995,no.2:609-631.
[11]Barclay,M.J.,& J.Clifford W.Smith.The Priority Structure of Corporate Liabilities[J].The Journal of Finance,1995,Vol.50,No.3:899-917.
[12]Barclay,M.J.,L.M.Marx,& C.W.Smith Jr.The joint determination of leverage and maturity[J].Journal of Corporate Finance 9,2003,no.2:149-167.
[13]Barnea,A.,& R.A.H.L.W.Senbet.A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework[J].The Journal of Finance 35,1980,no.5:1223-1234.
[14]Barnea,Amir,Haugen,Robert,& Senbet,Lemma W.An equilibrium analysis of debt financing under costly tax arbitrage and agency problems[J].Journal of Finance 36,1981:569-581.
[15]Bathala,C.T,Moon,K.P.& R.P.Rao.Managerial ownership,debt policy and impact of institutional shareholdings:Anagency perspective[J].Financial Management 23,1994:38-50.
[16]Baumol,W.J.on the theory of expansion of firm[J].American Economic Review,1962.
[17]Baxter,Nevins D.Leverage,risk of ruin and the cost of capital[J].Journal of Finance 22,1967:395-404.
[18]Baysinger,B.,& H.Butler.Corporate governance and the board of directors:performance effects of changes in board composition[J].Journal of Law,Economics and Organizations 1,1985:101-124.
[19]Benmelech,E.Asset Salability and Debt Maturity:Evidence from 19th Century American Railroads.
[20]Berger,A.N.,M.A.Espinosa-Vega,& W.Scott Frame.Debt Maturity,Risk,and Asymmetric Information[J].Journal of Finance,2004.
[21] Berger, G. Philip, Eli Ofek & David L. Yermack, Managerial entrenchment and capital structure decisions[J]. Journal of Finance 52,1997:1411-1438.
[22] Blair, Margrat M. Ownership and control: rethinking corporate governance for the twenty-first century[M]. The broking institution, 1995.
[23] Bodie, Z., & R. A. Taggart, Jr. Future Investment Opportunities and the Value of the Call Provisions on a Bond[J]. The Journal of Finance, 1978,33(4): 1187-1200.
[24] Booth, Laurence, Varouj Aivazian, Asli Demirguc-Kunt, & Vojislav Maksimovic. Capital structures in developing countries[J]. Journal of Finance 56, 2001: 87-130.
[25] Boyce, W. & Kalotay. A. Tax Differentials and Callable Bonds[J]. Journal of Finance 34, 1979: 825-838.
[26] Bradley, Michael, George A. Jarrell, & E. Han Kim. On the existence of an optimal capital structure: theory and evidence[J]. Journal of Finance 39,1984: 857-880.
[27] Brick, Ivan E., & Ravid, S. Abraham. Interest Rate Uncertainty and the Optimal Debt Maturity Structure[J]. The Journal of Financial and Quantitative Analysis 26, 1991, no. 1: 63-81.
[28] Brick, Ivan E., & Ravid, S. Abraham. On the Relevance of Debt Maturity Structure[J]. The Journal of Finance 40, 1985, no. 5:1423-1437.
[29] Brick, Ivan Elliot. The Debt Maturity Structure Decision[D]. Dissertation for the Degree or Doctor, Columbia University, 1980.
[30] Bussiere, M., M. Fratzscher, & W. Koeniger. Currency mismatch, uncertainty and debt maturity structure[J].
[31] Caks, J. Corporate Debt Decisions: A New Analytical Framework[J]. The Journal of Finance, 1978, No. 5: 1297-1315.
[32] Chen, Andrew, Jen, Frank & Stanley Zionts. The Joint Determination of Portfolio and Transaction Demands for Money[J]. Journal of Finance 29,1974:175-186.
[33] Chen, N. Financial investment opportunities and the macroeconomy[J]. Journal of Finance 46,1991:529-554.
[34] Choe, & Y. Shik. The substitution effects of short-term debt for long-term debt on the expected returns of common stock[J]. Asia Pacific Journal of Management 11, 1994, no. 2: 187.
[35] Dasgupta, M. B. Y.-S. C. S. The Relationship between Ownership, Financing Decisions and Firm Performance[J]. International Economic Review 39,1998, no. 3: 723-744.
[36] Datta, S. I.-D., Mai; Raman, Kartik. Managerial Stock Ownership and the Maturity Structure of Corporate Debt[J]. Journal of Finance 60, 2005, no. 5:2333-2350.
[37] Demirguc-Kunt, A., & V. Maksimovic. Institutions, financial markets, and firm debt maturity[J]. Journal of Financial Economics, 1999: 295-336.
[38] Demirguc-Kunt, Asli, & Vojislav Maksimovic. Stock market development and financing choice of firms[J]. World Bank Econimic Review 10: 341-369.
[39] Diamond, D. W. Debt Maturity Structure and Liquidity Risk[J]. The Quarterly Journal of Economics 106,1991, no. 3: 709-737.
[40] Dyl, E. A., & Michael D. Joehnk. Sinking Funds and the Cost of Corporate Debt[J]. The Journal ofFinance, 1979,34(4): 887-893.
[41] Easterwood, John C, & Palani-Rajan Kadapakkam. Agency Conflicts, Issue Costs, and Debt Maturity[J]. Quarterly Journal of Business and Economics, 1994, 33(3): 69-80.
[42] Elyasiani, E., L. Guo, & L. Tang. The Determinants of Debt Maturity at Issuance: A system-Based Model[J]. The Journal of Finance 19, 2002, no. 4: 351-378.
[43] Emery, G. W. Cyclical demand and the choice of debt maturity[J]. the Journal of Business 74, 2001, no. 4.
[44] Emery, W. G. L. D. R. Corporate Debt Management and the Value of the Firm[J]. The Journal of Financial and Quantitative Analysis 21,1986, no. 4:415-426.
[45] Errunza, V. R., & L. W. Senbet. The Effects ofintemational Operations on the Market Value of the Firm: Theory and Evidence[J]. The Journal ofFinance, 1981, 36(2): 401-417.
[46] Fama, E. Agency problems and theory of the firm[J]. Journal of Political Economy 88, 1980: 288-307.
[47] Fama,E., & M.C. Jensen. Separation of ownership and control[J]. Journal of Law and Economics 26,1983: 301-325.
[48] Fama, E., & M.C. Jensen. Agency problem and residual claims[J]. Journal of Law and Economics 26,1983: 327-349.
[49] Fan, J. P. H., S. Titman, & G Twite. An International Comparison of Capital Structure and Debt Maturity Choices[J], 2003.
[50] Fenn, G. W., M. Post, & S. A. Sharpe. Debt Maturity and the Use of Interest Rate Derivatives by Nonfinancial Firms[J], 1996.
[51] Ferri, M. & W. Jones. Determinants of financial structure: A new methodological approach[J]. Journal of Finance 43,1979: 631-644.
[52] Fischer, E., R. Heinkel, & J. Zechner. Dynamic capital structure choice: Theory and tests[J]. Journal of Finance 44,1989:19-40.
[53] Fisher, E., R. Heinkel, & J. Zechner. Dynamic capital structure choice: Theory and tests[J]. Journal of Finance 44,1989:19-39.
[54] Flannery, M. J. Asymmetric Information and Risky Debt Maturity Choice[J]. The Journal of Finance 41,1986, no. 1: 19-37.
[55] Flannery, M. J. Debt Maturity and the Deadweight Cost of Leverage: Optimally Financing Banking Firms[J]. The American Economic Review 84,1994, no. 1: 320-331.
[56] Ghaddar, Suad. Ownership Variables and Capital Structure: Evidence from Chile[D]. Dissertation for the Degree or Doctor, University of Texas-Pan American, 2003.
[57] Goswami, G. Asset maturity, debt covenants, and debt maturity choice[J]. The financial Review 35, 2000, no. 4: 51-68.
[58] Goswami, Gautam. Choice of Debt Maturities under Asymmetric InformationL: Theory and Evidence[D]. Dissertation for the Degree or Doctor, Georgia State University-College of Business Administration, 1992.
[59] Grossman S., & O.Hart. Takeover bids the free-rider problem and the theory of corporate[J]. Bell Journal of Economics 11,1980: 42-46.
[60] Grossman S. & O.Hart. Corporate financial structure and managerial incentives[M]. In.J.McCall.ed.,The Economic of Information and Uncertainty. University of Chicago Press,1982: 107-137.
[61 ] Handorf, W. C. A Theoretical and Empirical Investigation of Debt Maturity Timing and Yield Curve Slope Analysis[J]. the Journal of Finance 28,1973, no. 3: 764-765.
[62] Harris, M., & A.Raviv. Capital structure and the information role of debt[J]. Journal of Finance 45,1990:321-349.
[63] Harris M., & A. Raviv. The theory of capital structure[J]. Journal of Finance 46, 1991: 297-355.
[64] Hart, O. Corporate governance: some theory and implications[J]. Economic Journal 105, 1995: 678-689.
[65] Hart, O. The market mechanism as an incentive scheme[J]. Bell Journal of Economics 14, 1983:366-689.
[66] Hart, O., & Moore, J. Debt and seniority: an analysis of hard claims in constraining management[J]. American Economic Review 85, 1995: 567-587.
[67] Hart, O., & Moore,J. A theory of debt based on the inalienabilty of human capital[J]. Quarterly Journal of Economics 109,1994: 841-879.
[68] Harwood, E., & J. Gil B. Manzon. Tax clienteles and debt maturity[J]. The Journal of the American Taxation Association 22,2000, no. 2:22-39.
[69] Haugen,R., & Sebet. Resolving the agency problems of external capital through options[J]. Journal of Finance 36,1981:629-647.
[70] Heinkel R. & Zechner. The role of debt and preferred stock as a solution to adverse investment incentives[J]. Journal of Financial and Quantitative Analysis 25,1990:1-24.
[71] Heyman, D., M. Deloof, & H. Ooghe. The Debt-Maturity Structure of Small Firms in a Creditor-Oriented Environment[J].
[72] Ho, T, & R. F. Singer. The Value of Corporate Debt with a Sinking-Fund Provision[J]. The Journal of Business Vol. 57,1984, No. 3: 315-336.
[73] Horne, J. C. V., & D. A. Bowers. The Liquidity Impact of Debt Management[J]. Southern Economic Journal 34,1968, no. 4: 526-537.
[74] Houston, J. F., & S. Venkataraman. Optimal Maturity Structure with Multiple Debt Claims[J]. The Journal of Financial and Quantitative Analysis 29,1994, no. 2:179-197.
[75] Igor Filatotchev, T. M. Ownership Concentration, Private Benefits of Control and Debt Financing[J]. Working paper, 2001.
[76] Jaramillo, F., & F. Schiantarelli. Accss to Long Term Debt and Effects on Firm's Performance: Lessons From Ecuador[J], 1996.
[77] Jeanne, O. Debt Maturity and the International Financial Architecture[J]. International Monetary Fund.
[78] Jensen, M. The modern industrial revolution, exit, and the failure of internal control systems[J]. Journal of Finance 48,1993: 831-880.
[79] Jensen, M.C. Agency costs of free cash flow, corporate finance, and takeovers[J]. American Economic Review 76, 1986: 323-339.
[80] Jensen, M.C, & W. H.Meckling. Theory of the firm: managerial behavior, agency costs, and capital structure[J]. Journal of Financial Economics 3,1976: 305-360.
[81] Johnson, S. A. Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage[J]. Review of Financial Studies 16,2003, no. 1: 209-236.
[82] Johnson, S. A. An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure[J]. The Journal of Financial and Quantitative Analysis 32, 1997, no. 1: 47-69.
[83] Jun, S.-G, & F. C. Jen. Trade-off Model of Debt Maturity Structure[J]. Review of Quantitative Finance and Accounting 20,2003, no. 1:5-31.
[84] Jun, Sang-Gyung. The Maturity Structure of Debt[D]. Dissertation for the Degree or Doctor, State University of New York, 2000.
[85] Kester, Carl W. Capital and ownership structure: a comparison of United States and Japanese corporations[J]. Financial Management 15,1986: 5-16.
[86] Kim, C. S., D. C. Mauer, & M. H. Stohs. Corporate debt maturity policy and investor tax-timing options: Theory and evidence[J]. Financial Management 24,1995, no. 1: 33-45.
[87] Kim,W. & E.Soresen. Evidence on the impact of agency cost of debt on corporate debt policy[J]. Journal of Financial and quantitative analysis 27, 1986:131-144.
[88] La Porta, R., Lopez-de-Silanes & F., Shleifer, et al. Law and Finance[J]. Journal of Political Economy 106,1998:1113-1155.
[89] La Porta, R., Lopez-de-Silanes & F., Shleifer, et al. Legal Determinants on External Finance[J]. Journal of Finance 52 ,1997:1131-1150.
[90] La Porta, R., L6pez-de -Silanes & F., Shleifer, et al. Corporate ownership around the world[J]. The Journal of Finance 54,1999:471-517.
[91] La Porta, R., L6pez-de -Silanes & F., Shleifer, et al. Investor protection and corporate valuation[J]. Journal of finance 57,2002:1147-1170.
[92] Lange, David Richard, D.B.A. Debt Maturity Management and Shareholder Wealth Effects[D]. Dissertation for the Degree or Doctor, University of Kentuchy, 1989.
[93] Lasfer, M. A. Debt Structure, Agency Costs and Firm's Size: An Empirical Investigation[J].
[94] Lee, C. J. The Pricing of Corporate Debt: A Note[J]. The Journal of Finance Vol. 36, 1981. No. 5: 1187-1189.
[95] Lee, W. L. , A. V. Thakor, & G. Vora. Screening, Market Signaling, and Capital Structure Theory[J]. The Journal ofFinance, 1983, 38(5): 1507-1518.
[96] Leland, H.E., & D.H. Pyle. Information asymmetries, financial structure, and financial intermediation[J]. Journal of Finance 38,1977: 371-387.
[97] Leland, H.E. Corporate debt value, bond covenants, and optimal capital structure[J]. Journal of Finance 49,1994: 1213-1252.
[98] Leland, H.E. Agency cost, risk Management, and capital structure[J]. Journal of Finance 53, 1998:1213-1243.
[99] Levy. Why does capital structure choice vary with macroeconomic conditions?[J]. Haas School of Business, U.C.Berkeley, 2001.
[100] Lewis, C. M. A Multiperiod Theory of Corporate Financial Policy Under Taxation[J]. The Journal of Financial and Quantitative Analysis 25,1990, no. 1: 25-43.
[101] Liang Tang. U.S. and Non-U.S. Market Corporate Debt Maturity Determinants[D]. Dissertation for the Degree or Doctor, Temple University, 1998.
[102] Lina I. Sharara-Taher. Corporate Debt Maturity Choice: An Empirical Examiantion[D]. Dissertation for the Degree or Master, Concordia University, 1994.
[103] Lyandres, E., & A. Zhdanov. Underinvestment or Overinvestment?The Effect of Debt Maturity on Investment[J].
[104] Magri, S. Debt Maturity of Italian Firms and the Effects of Judicial Efficiency[J].
[105] Maksimovic, V., & S. Titman. Financial policy and reputation for product quality[J]. Review of Financial Studies 4, 1991: 175-200.
[106] Marchica, M.-T. A New Determinant of Debt Maturity Structure: The Ownership and Control Structure[J]. Department of Economics and Related Studies University of York.
[107] Marchica, M.-T. On the Relevance of Ownership Structure in Determining the Maturity of Debt[J], 2005.
[108] Marsh, Paul. The choice between equity and debt: An empirical study[J]. Journal of Finance 37, 1982:121-144.
[109] Miller, M. Debt and taxes[J]. Journal of Finance 32,1977: 261-275.
[110] Mitchell, Karlyn. The Debt Maturity Choice: An Empirical Investigation[J]. Journal of Financial Research, 1993,16(4): 309-320.
[111] Mitchell, Karlyn. IIInterest Rate Uncertainty and Corporate Debt Maturity[J]. Journal of conomics and Business, 1987, 39(2): 101-114.
[112] Mitchell, Karlyn. The Call, Sinking Fund and Term-To-Maturity Features of Corporate Bonds: An Empirical Investigation[J]. Journal ofFinancial and Quantitative Analysis, 1991, 26(2): 201-222.
[113] Modigiliani, F. & Miller, M.H. Corporate income taxes and the cost of capital: a correction[J]. American economic review, 1963, 53: 433-443.
[114] Modigliani, Franco, & M. Miller. Corporate income taxes and the cost of capital: A Correction[J]. America Economic Review 53,1963: 433-443.
[115] Morris, J. R. A Model for Corporate Debt Maturity Decisions[J]. The Journal of Financial and Quantitative Analysis 11,1976, no. 3:339-357.
[116] Morris, J. R. On Corporate Debt Maturity Strategies[J]. The Journal of Finance Vol. 31, 1976, No. 1:29-37.
[117] Myers, S.C. Determinants of corporate borrowing[J]. Journal of Financial Economics 5, 1977: 147-175.
[118] Myers, S.C. The capital structure puzzles[J]. Journal of Finance 39,1984:575-592.
[119] Myers, S.C, & N.S.Majluf. Corporate financing and investment decisions when firms have information that investors do not have[J]. Journal of Financial Economics 13,1984:187-221.
[120] Myers, S.C. Still searching for optimal capital structure[M]. In Joel M. Myers, Stewart C. and DonaldH. Chew, Jr. Ed. The Revolution in Corporate Finance, Third edition, Blackwell Publishers Inc, 1998.
[121] Myers, S. C. Capital structure[J]. Journal of Economic Perspectives 15,2001: 81-102.
[122] Newberry, K. J., & G F. Novack. The effect of taxes on corporate debt maturity decisions: An analysis of public and private bond offering[J]. The Journal of the American Taxation Association 21,1999, no. 2:1-16.
[123] Noe, T. Capital Structure and signaling game equilibria[J]. Review of Financial Studies 1, 1988:331-356.
[124] OOI, J. T. L. The debt maturity structure of UK property companies[J]. Journal of Property Research 16,1999, no. 4: 293-307.
[125] Opler, J. G. T. The Determinants of the Maturity of Corporate Debt Issues[J]. The Journal of Finance 51,1996, no. 5: 1809-1833.
[126] Ou-Yang, N. J. a. H. Capital Structure, Debt Maturity, and Stochastic Interest Rates[J], 2005.
[127] Ozkan, A. The determinants of corporate debt maturity: evidence from UK firms[J]. Applied Financial Economics 12, 2002: 19-24.
[128] Ozkan, A. An Empirical Analysis of Corporate Debt Maturity Structure[J]. European Financial Management 6,2002, no. 2: 197-212.
[129] Ozkan. A. Determinants of capital structure and adjustment to long run target: evidence from UK company panel data[J]. Journal of Business Finance & Accounting 28, 2001: 175-198.
[130] Petersen. Mitchell A. & Raghuram G. Rajan. The Benefit of Lending Relationships: Evidence from small Business Data[J]. Journal of Finance 49,1994: 3-37.
[131] Prowse, S. D. Institutional Investment Patterns and Corporate Financial Behavior in the United States and Japan[J]. Journal ofFinancial Economics, 1990,27(1): 43-66.
[132] Rajan, R., & L.Zingales. What do we know about optimal capital structure? Some evidence from international data[J]. Journal of Finance 50,1995:1421-1460.
[133] Rebello, G. G. T. N. M. Cash Flows and Debt Maturity[J]. Economica New Series 64, 1997, no. 254: 303-316.
[134] Rebello, G. G. T. N. M. Debt Financing under Asymmetric Information[J]. The Journal of Finance 50, 1995, no. 2: 633-659.
[135] Rolph, E. R. Principles of Debt Management[J]. The American Economic Review Vol. 47, 1957, No. 3: 302-320.
[136] Rosen, S. Authority, control and the distribution of earnings[J]. Bell Journal of Economics 13,1982:311-323.
[137] Rosenstein, S., & J.Wyatt. Outside directors, board independence and shareholder wealth [J]. Journal of Financial Economics 26,1990:175-191.
[138] Ross, S. The determinants of financial structure: The incentive signaling approach[J]. Bell Journal of Economics 8,1977:23-40.
[139] Sarkar, S. Illiquidity Risk, Project Characteristics, and the Optimal Maturity of Corporate Debt[J]. The Journal of Financial Research 12, 1999, no. 3: 353-370.
[140] Scherr, F. C, & H. M. Hulburt. The debt maturity structure of small firms[J]. Financial Management 30,2001, no. 1: 85-112.
[141] Schiantarelli, F., & V. Srivastava. Debt Maturity and Firm Performance: A Panel Study of Indian Public Limited Companies[J].
[142] Scott,James H.Jr. Bankruptcy, secured debt, and optimal capital structure[J]. Journal of Finance 32,1977:1-19.
[143] Sharpe, S. A. Credit Rationing, Concessionary Lending, and Debt Maturity[J]. Journal of Banking and Finance, 1991,15(3): 581-604.
[144] Share, William F. Capital asset price: a theory of market equilibrium under conditions of risk[J]. the Journal of Finance, 20, 3, 1964: 425-442.
[145] Shivdasani, A. Board composition, ownership structure, and hostile takeovers[J]. Journal of Accounting and Economics 16,1993: 167-198.
[146] Shleifer, A., & R.W. Vishny. Large shareholders and corporate control[J]. Journal of Political Economy 94, 1986:461-488.
[147] Shleifer, A., & R.W. Vishny. A Survey of corporate governance[J]. Journal of Finance, June, 1997:737-783.
[148] Smith C, & J.B.,Warner. On financial contracting: an analysis of bond covenants[J]. Journal of Financial Economics 7,1979:117-161.
[149] Smith, C. W. & R. L. Watts. The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Polices[J]. Journal of Financial Economics 32, 1992: 262-292.
[150] Stiglitz, J. E. On the irrelevance of corporate financial policy[J]. The American review 64, 1974:851-866.
[151] Stohs, M. H., & D. C. Mauer. The Determinants of Corporate Debt Maturity Structure[J]. The Journal of Business 69,1996, no. 3: 279-312.
[152] Stohs, Mark Hoven, Ph.D. Empirical Determinants of Corporate Debt Maturity Structure[D]. Dissertation for the Degree or Doctor, University of Wisconsim-Madison, 1994.
[153] Stulz, R. Managerial discretion and optimal financing policies[J]. Journal of Financial Economics 26,1990: 3-27.
[154] Terra, P. R. S. Determinants of Corporate Debt Maturity in Latin America[J], 2005.
[155] Thatcher, Janet S. The Choice of Call Provision Terms: Evidence of the Existence of Agency Costs of Debt[J]. The Journal of Finance. 1985,40(2): 549-561.
[156] Titman, S., & R. Wessels. The determinants of capital structure choice[J]. Journal of Finance 43, 1988: 1-19.
[157] Titman, S. The effect of capital structure on a firm's liquidation decision[J]. Journal of Financial Economics 13, 1984:137-151.
[158]Titman,Sheridan.Interest Rate Swaps and Corporate Financing Choices[J].The Journal of Finance,1992,47(4):1503-1516.
[159]Wiggins,J.B.The Relation Between Risk and Optimal Debt Maturity and the Value of Leverage[J].The Journal of Financial and Quantitative Analysis 25,1990,no.3:377-386.
[160]Willamson,O.E.Coporate finance and corporate governance[J].Journal of finance,1988,43:567-591.
[161]Wu,L.The Impact of Ownership Structure on Debt Financing of Japanese Firms With the Agency Cost of Free Cash Flow[J],2004.
[162]Yermack,D.Higher market valuation for firms with a small board of directors[J].Journal of Financial Economics 40,1996:185-211.
[163]Zhao,K.L.H.Y.L.Ownership,Institutions,and Capital Structure Evidence from Chinese Firms[J],2006.
[164]陈晓,单鑫.债务融资是否会增加上市企业的融资成本[J].经济研究,1999(9)。
[165]陈晓,江东.股权多元化、公司业绩和行业竞争性[J].经济研究,2000(8)。
[166]陈小悦,李晨.上海股市的收益与资本结构关系实证研究[J].北京大学学报(哲学社会科学版),1995(1):72-79。
[167]陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护[J].经济研究,2001(11):3-11。
[168]陈郁编.所有权、控制权与激励—代理经济学文选[M].上海:上海三联出版社,1998。
[169]范寅.企业的资本结构与投融资决策[J].财经研究,1998(9):41-46。
[170]方丽英.债务期限选择与融资决策 硕士学位论文[D].中国社会科学院研究生院,2004。
[171]方晓霞.中国企业融资:制度变迁与行为分析[M].北京:北京大学出版社,1999。
[172]费方域.控制内部人控制:国企改革中的治理机制研究[J].上海经济研究,1996,(6):31-39。
[173]冯福根等.中国上市公司资本结构形成的影响因素分析[J].经济学家,2000(5)。
[174]高佳卿,曲世友和李汉铃.公司治理与资本结构优化问题[J].管理工程学报,2000(3)。
[175]高明华.中国企业市场化进程研究[J].管理世界,2003(8):81-91。
[176]顾广彩.中国商业银行惜贷行为研究[D].博士学位论文,中国科学技术大学,2007。
[177]古扎拉蒂著,林少宫译.计量经济学[M].中国人民大学出版社,1999。
[178]郭鹏飞,孙培元.资本结构的行业特征:基于中国上市公司的实证研究[J].经济研究,2003(5)。
[179]哈特著,费方域译.企业、合同与财务结构[M].上海:上海三联书店、上海人民出版社,1998。
[180]韩东进.我国企业债券融资研究[D].硕士学位论文,四川大学,2004。
[181]何浚.上市公司治理结构的实证分析[J].经济研究,1998(5):50-57。
[182]胡援成.中国企业资本结构与企业价值研究[J].金融研究,2002(3):110-122。
[183]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究,2001(11)。
[184]黄泰岩,侯利.企业融资结构的国际比较[J].中国工业经济,2001(4):69-71。
[185]蒋屏.中国企业债券融资研究[D].博士学位论文,对外经济贸易大学,2004。
[186]雷森.基于金融抑制的我国企业债务期限结构研究[D].博士学位论文,重庆大学,2004。
[187]李志文,宋衍衡.股权结构会影响筹资决策吗?—来自中国赛格系公司的案例[J].管理世界,2003(6):128-146。
[188]李维安等.现代公司治理研究[M].北京:中国人民大学出版社,2002。
[189]李焰.企业债券的信用风险以及我国企业债券市场的发展[J].中国人民大学学报,2003:3-111。
[190]李义超.中国上市公司资本结构研究[M].北京:中国社会科学出版社,2003。
[191]李增泉.国家控股与公司治理的有效性——一项基于中国证券市场的实证研究[M],北京:经济科学出版社,2005。
[192]刘红娟.基于控制权机制的公司治理研究[D].博士学位论文,华中科技大学,2004。
[193]刘芍佳,孙需,刘乃全.终极产权论、股权结构及公司绩效[J].经济研究,2003:51-62
[194]卢俊编译.资本结构理论研究译文集[M].上海:上海人民出版社,2003。
[195]陆正飞,韩霞,常琦.公司长期负债与投资行为关系研究——基于中国上市公司的实证分析[J].管理世界,2006(1):120-128。
[196]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998(8):34-37。
[197]罗海波.债务融资与上市公司治理研究[D].硕士学位论文,华东师范大学,2005。
[198]马庆国.管理统计:数据获取、统计原理与SPSS工具与应用研究[M].北京:科学出版社,2002。
[199]潘敏.融资方式、金融契约与公司治理机制[J].经济评论,2001:86-90。
[200]青木昌彦著,周黎安译.比较制度分析[M].上海:上海远东出版社,2001。
[201]热若尔,罗兰.转型与经济学[M].北京:北京大学出版社,2002。
[202]沈艺峰.会计信息披露和我国股票市场半强式有效性的实证分析[J].会计研究,1996(1):14-17。
[203]沈艺峰.资本结构理论史[M].北京:经济科学出版社,1999。
[204]沈艺峰.独立外部董事:若干学术观点[J].中国注册会计师,2001(10):26-29。
[205]沈艺峰,沈洪涛.公司财务理论主流[M].大连:东北财经大学出版社,2004。
[206]沈艺峰,田静.我国上市公司资本成本的定量研究[J].经济研究,1999(11):62-67。
[207]沈艺峰,肖珉和黄娟娟.中小投资者法律保护与公司权益资本成本[J].经济研究,2005(6):115-124。
[208]孙杰.发达国家和发展中国家的金融结构、资本结构和经济增长[J].金融研究,2002(10):14-24。
[209]孙宽平.转型、规制与制度选择[M].北京:社会科学文献出版社,2004。
[210]孙振峰.企业债务融资研究[D].博士学位论文.复旦大学,2005。
[211]孙铮,李增泉和王景斌.所有权性质、会计信息与债务契约——来自我国上市公司的经验证据[J].管理世界,2006(10):100-149。
[212]孙永祥.所有权、融资结构与公司治理机制[J].经济研究,2001(1):45-53。
[213]孙永祥.公司治理结构:理论和实证研究[M].上海:三联书店,2002。
[214]孙永祥,黄祖辉.上市公司的股权结构与绩效[J].经济研究,1999(12):23-30。
[215]谭克.中国上市公司资本结构影响因素研究[M].北京:经济科学出版社,2005。
[216]谭小平.我国上市公司债务期限结构研究[D].博士学位论文,暨南大学,2005。
[217]田利辉.国有产权、预算软约束和中国上市公司杠杆治理[J].管理世界,2005(7):123-147。
[218]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J].经济研究,
2005(10):48-58。
[219]田贞余.企业债券融资研究[D].博士学位论文,复旦大学,2003。
[220]童盼,陆正飞.负债融资、负债来源与企业投资行为——来自中国上市公司的经验[J].经济研究,2005(5):75-84。
[221]万解秋.企业融资结构研究[M].上海:复旦大学出版社,2001。
[222]王怀林,冯登艳.我国上市公司治理结构问题的文化解释[J].管理世界,2006(7):151-152。
[223]王宁.企业融资研究[M].沈阳:东北财经大学出版社,2002。
[224]王鹏翔.国有上市公司融资结构与公司治理关系研究[D].硕士学位论文,西北农林科技大学,2004。
[225]王益民.制度变迁与证券市场[J].世界经济,2000(5):34-37。
[226]王跃生.金融压抑与金融自由化条件下的企业融资制度[J].经济社会体制比较,1999(1):55-61。
[227]王跃堂,赵子夜和魏晓雁.董事会的独立性是否影响公司绩效[J].经济研究,2006(5):63-73。
[228]文宏.资本结构与公司治理[M].中国资本市场前沿理论研究文集,北京:中国社会科学出版社,2000。
[229]吴淑琨.股权结构与公司绩效的U型关系研究-1997^2000年上市公司的实证研究[J].中国工业经济,2002(1):80-87。
[230]吴淑琨,席酉民.公司治理与中国企业改革[M].北京:机械工业出版社,2000。
[231]吴晓求.市场主导型金融体系:中国的战略选择[M].北京:中国人民大学出版社,2005。
[232]吴晓求主笔.中国上市公司:资本结构与公司治理[M].中国人民大学出版社,2003。
[233]吴元波.公司治理结构下中国上市公司资本结构与融资方式的制度分析[D].博士学位论文,西北大学,2005。
[234]肖作平.上市公司债务期限结构影响因素分析[J].证券市场导报,2005(3):51-57。
[235]肖作平.对我国上市公司债务期限结构影响因素的分析[J].经济科学,2005(3):80-89。
[236]肖作平.中国上市公司债务期限结构特征的实证检验[J].证券市场导报,2006(2):51-57。
[237]肖作平.公司治理影响审计质量吗?——来自中国资本市场的经验证据[J].管理世界,2006(7):22-33。
[238]肖作平.公司债务期限结构问题研究综述[J].证券市场导报,2006(11):70-77。
[239]谢潇潇.影响中国上市公司债务期限结构因素的实证研究[D].硕士学位论文,对外经济贸易大学,2006。
[240]忻文.国有企业的资本结构分析[J].经济研究,1997(8):26-33。
[241]许国平,陆磊.不完全合同与道德风险:90年代金融改革的回顾与反思[J].金融研究,2001(2):28-41。
[242]徐莉萍,辛宇和陈工孟.股权集中度和股权制衡及其对公司经营绩效的影响[J].经济研究,2006(1):90-100。
[243]徐联初,肖晓光.信息不对称条件下的银企关系问题与产权因素[J].金融研究,2001(8):48-56。
[244]徐晓东.公司治理与第一大股东的所有权[M].大连:东北财经大学出版社,2006。
[245]杨丰来,黄永航.企业治理结构、信息不对称与中小企业融资[J].金融研究,2006(5):159-166。
[246]杨瑞龙,周业安.一个关于企业所有权安排的规范性分析框架及其理论含义[J].经济研究,1997(1):12-22。
[247]杨兴全,宋惠敏.我国上市公司债务期限结构影响因素的实证研究[J].管理现代化,2006(1):15-17。
[248]杨瑞龙,聂辉华.不完全契约理论:一个综述[J].经济研究,2006(2):104-114。
[249]易丹辉.数据分析与Eviews应用[M].北京:中国统计出版社,2005。
[250]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[J].经济评论,2005(3):75-80。
[251]袁卫秋.我国上市公司的债务期限结构——基于权衡思想的实证研究[J].会计研究,2005(12):53-58。
[252]赵守国等.从公司资本结构理论的新进展看上市公司资本结构优化.财贸研究[J],2003(4):67-73
[253]张昌彩.企业融资结构与资本市场发展[J].管理世界,1998(3):92-102。
[254]张春霖.国有企业改革与国家融资[J].经济研究,1997(4):13-14。
[255]张捷,黄燕.债券市场与东亚金融体系[J].国际经济评论,2001(9):45-49。
[256]张志宏,熊年春.我国上市公司负债融资期限结构的实证研究[J].中南财经政法大学学报,2007(2):96-100。
[257]张宗新.融资制度:一个国际比较的分析框架[J].世界经济,2001(9):52-57。
[258]张维迎.公司融资结构的契约理论:一个综述[J].改革,1995(4):109-116。
[259]张维迎.从公司治理结构看中国国有企业改革[M].企业理论与中国企业改革,北京大学出版社,1999。
[260]张维迎.所有权、治理结构与委托——代理关系[J].经济研究,1996(9):3-53。
[261]张文魁.企业负债的作用和偿债保障机制研究[J].经济研究,2000(7):48-55。
[262]张文彤.SPSS11统计分析教程[M].北京:北京希望电子出版社,2002。
[263]张晓峒.Eviews使用指南与案例[M].北京:机械工业出版社,2007。
[264]张友良.我国企业债券现状及其发展[J].财经理论与实践,1999(5):17-19。
[265]郑江淮.国有企业预算约束硬化了吗?——对1996~2000年信贷约束政策有效性的实证研究[J].经济研究,2001(8):53-60。
[266]中国人民银行赣州市中心支行课题组.市场分割与信贷配给:利率市场化的体制及经济效应[J].金融研究,2006(1):127-138。
[267]周开国,李涛.国有股权、预算软约束与公司价值:基于分量回归方法的经验分析[J].世界经济,2006(5):84-94。
[268]邹薇,钱雪松.融资成本、寻租行为和企业内部资本配置[J].经济研究,2005(5):64-74。
[269]周孝坤.上市公司债务期限结构影响因素实证研究[J].上海金融,2006(11):45-48。