法制环境_金融发展与企业长期债务融资.pdfVIP

理论综合 法制环境、金融发展与企业长期债务融资 江 伟 (暨南大学会计学系，广东 广州 510632) 摘要：本文分别从长期负债比率和债务期限结构两个方面，从法与金融的视角考察了我国地区法制环境、金融发展以及它 们之间的相互作用对上市公司长期债务融资的影响。研究结果表明：我国地区法制环境的改善并不能使上市公司获得更多 的长期债务融资，地区法制环境和金融发展的水平越高，上市公司获得的长期债务融资越少，然而在法制环境比较好的地 区，金融发展水平的提高却有助于上市公司获得更多的长期债务融资。本文的研究结果不仅丰富了国内外的研究成果，而 且有助于我们更加深入地了解我国上市公司长期债务融资偏低的制度因素。 关键词：法制环境；金融发展；债务期限结构；债务融资 Ab stract ：Through two aspects, the long-term debt ratio and the debt maturity structure, this paper examines the effect of regional legal environment, financial development and their interaction on the long-term debt financing of listed companies in China. The empirical results show that, the improvement of regional legal environment cannot facilitate more long-term debt financing of listed companies, the more developed the regional legal environment and financial development are, the less long-term debt fin an cin g th e listed companies can have; h owev er, in areas where th e legal env ironment is better , financial development can facilitate more long-term debt financing. This research not only enriches the related studies on law and finance, but also help s to deeply understand the institutional roots which induce the less long-term debt financing of listed companies in China. Key words ：Legal Environment, Financial Development, Debt Maturity Structure，Debt Financing 作者简介：江伟，财务学博士，暨南大学会计系副教授，研究方向：公司治理、企业投融资行为。 中图分类号：F830.9 1 文献标识码：A 讨法律和金融发展等制度因素对公司融资决策的影响，如 引言 [5] [12] Demirgü-Kunt和Maksimovic(1999) 、Giannetti(2003) 、 [19] [21] [2] 自Modigliani和Miller(1958) 提出资本结构无关论的 Qian和Strahan(2007) 以及Ba