我国上市公司短期债务融资偏好的制度分析

Institutional Analysis of Preference for Short-term Debt Financing of Listed Companies in China

中文关键词:  债务融资  短期债务  法律环境  证券市场

英文关键词:relevance  reliability  property right  game theory

中文摘要:

      制度环境是影响债务契约的一个重要因素,债务期限则是债务契约的一项重要内容。本文从制度环境这一视角对我国上市公司债务融资的期限结构进行了深入地分析。分析结果表明,由于我国破产法律制度效力的有限性和股票市场对企业长期债务市场的替代效用,导致了我国上市公司用短期债务和股权融资替代长期债务融资的现象,最终表现为短期债务在我国上市公司的债务融资结构中占绝对主导地位的局面。

英文摘要:

      Institution environment is an important factor to influence the debt contract,and debt maturity is an important content in debt contract.From the perspective of institution environment,this paper deeply analyzes the maturity structure of debt financing for the listed companies in China.The analysis reveals a phenomenon that the listed companies prefer to replace the long-term debt financing with short-term debt and stock financing due to the effectiveness limitation of bankruptcy law in China and the substitution effect of stock market for the long-term debt market.Therefore,the short-term debt eventually plays an overwhelmingly dominant role in the debt financing structure of listed companies in China.