商业经济与管理

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。同时,为了考察我国上市公司债务期限结构选择的影响因素,本文利用这一思想对其进行了详细的实证研究。研究结果表明,权衡思想能够较好地解释我国上市公司债务期限结构的选择行为,同时也表明,尽管我国上市公司的短期债务普遍偏高,但这种选择却是其理性思索的结果。

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.Further more,the author studies the determinants of Debt Maturity Structure of Chinese's listed companies based on the trade-off idea.Results show that: first,the trade-off idea can partly explain the decision of the debt maturity structure of listed companies.Second, although the ratio of short-term debt of listed companies is high,it is a rational result.