产权性质、管理层持股与债务期限结构-管理学技术经济及管理专业论文.docxVIP

摘要 摘要 万方数据 万方数据 当公司选择债务融资时，就会面临债务期限结构的选择，即如何合理安排短期债务和 长期债务。目前国内学者对债务期限结构的研究多集中在公司特征方面的影响因素上，关 于管理层持股对债务期限结构的影响的文献较少，并且已有的研究对两者关系得出的结论 并不一致。另一方面，由于我国特殊的制度背景，国有企业产权界限不清，其企业内的股 东就不能像私人股东监督到位，其内部人控制更严重，所以国有企业管理层持股的治理效 应可能失效。因此，在考虑管理层持股对债务期限结构的影响时，应该把产权性质考虑进 来，引导企业合理利用管理层持股实行激励。 本文选取 2009 年到 2013 年沪深 A 股上市公司相关数据作为样本，结合产权性质，利 用实证检验，进一步探讨管理层持股对债务期限结构的影响。实证结果表明，管理层持股 比例与债务期限结构存在显著的负相关关系；相对于非国有企业，国有企业倾向于选择更 多的长期债务；相对于非国有企业，国有企业的管理层持股对债务期限结构的负相关关系 要弱。最后，本文在总结研究结论的基础上，对发展合理的债务期限结构提供了一些具有 现实意义的参考建议，并指出本文的研究不足及未来可做进一步探讨的研究方向。 关键词：产权性质，管理层持股，债务期限结构 I A Abstract When companies choose the way of debt financing, debt maturity structure will be faced with the choice, which is how to match long-term debt and short-term debt. Factors affecting the study of debt maturity structure of domestic scholars focus on firm characteristics, the di- rect effect of managerial ownership on the debt maturity structure of the literature is less, and the study of the relationship between the two is not consistent. On the other hand, because of the special institutional background, the state-owned enterprise property rights ill-defined, within its corporate shareholders would not like private shareholders supervision in place; its internal con- trol is more serious, so treatment effect of managerial ownership of state-owned enterprises may fail. Therefore, in considering the effect of managerial ownership on the debt maturity structure, ownership nature of ultimate controller should be taken into account, and guide enterprises to reasonable use of managerial ownership incentive. In this context, the paper selected in 2009 to the 2013 data of listed companies in Shanghai and Shenzhen A-share as samples, combined with the nature of property rights, according to the theory of managerial ownership and debt maturity structure, the use of empirical testing, to fur- ther explore managerial ownership impact on the debt maturity structure. The empirical results show that, there is a significant proportion of ma