摘要
本文以2003-2012年间发生过债务重组的上市公司为样本,研究债务结构对债务重组规模的影响,以及不同产权性质下债务结构对债务重组影响的差异。研究发现:短期负债与债务重组规模显著正相关,长期负债与债务重组规模显著负相关;金融性负债与债务重组规模显著正相关,负债与债务重组规模显著负相关;相对于非国有企业,国有产权性质能够显著降低短期负债对债务重组的促进作用,能够降低长期负债对债务重组的抑制作用;国有产权能够显著促进金融性负债对债务重组的促进作用,能够显著降低经营性负债对债务重组的抑制作用,这符合我国"预算软约束"的制度背景。
This paper research on the impact of debt structure on the debt restructuring and the different impact between the both under different nature of property rights, based on the data of the listed companies which occurred debt restructuring between 2003-2012. The results show that： Short-term debt and debt restructuring scale have a significantly positive correlation,while the long-term debt is significantly negatively correlated with the debt restructuring scale;Financing debt and debt restructuring scale have a significantly positive correlation, while the operating debt and debt restructuring scale was significantly negatively correlated. Relative to the non-state-owned enterprises, state-owned property nature can significantly reduce the positive impact between short-term debt and debt restructuring, and significantly increase the negative impact between long-term debt and debt restructuring. In addition, state-owned property nature can significantly increase the positive impact between financing debt and debt restructuring, and significantly reduce the negative impact between operating debt and debt restructuring, this is consistent with China＇s ＂soft budget constraint＂ system background.
出处
《投资研究》
2015年第3期131-141,共11页
Review of Investment Studies
基金
国家自然基金面上项目"上市公司如何选择并购对价与融资方式?--基于嵌套结构的经验研究"(71172120)
辽宁省教育厅一般项目"政府干预对信贷契约治理效应的影响"(w2011124)的阶段性成果
关键词
债务期限结构
债务来源结构
债务重组
产权性质
Debt maturity structure
Debt source structure
Debt restructuring
Nature of property
