| 信息非对称对企业债务期限选择的影响分析 |
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| 引用本文： | 谢赤,胡爱军,熊正德.信息非对称对企业债务期限选择的影响分析[J].长沙理工大学学报(社会科学版),2005,20(4):58-60. |
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| 作者姓名： | 谢赤 胡爱军 熊正德 |
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| 作者单位： | 湖南大学,工商管理学院,湖南,长沙,410082 |
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| 基金项目： | 国家哲学社会科学基金;湖南省社会科学规划项目 |
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| 摘 要： | 债务期限结构是企业融资结构中的一个重要问题。文章从信息非对称导致的逆向选择和道德风险两个方面出发,研究了债务期限选择对企业的影响,并指出:逆向选择下出现分离均衡时企业债务期限具有信号显示功能,即高质量企业选择更多的短期债务来传递高质量信号,低质量企业只能选择长期债务;同时债务期限与道德风险引起的债务代理成本有紧密的关系,缩短债务期限有利于降低债务代理成本。
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| 关 键 词： | 信息非对称 债务期限 短期债务 长期债务 |
| 文章编号： | 1672-934X(2005)04-0058-03 |
| 修稿时间： | 2005年10月23 |
On the Effect of Asymmetric Information upon Enterprise Debt Maturity Choice |
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| XIE Chi,HU Ai-jun,XIONG Zheng-de.On the Effect of Asymmetric Information upon Enterprise Debt Maturity Choice[J].Journal of Changsha University of Science & Technology,2005,20(4):58-60. |
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| Authors: | XIE Chi HU Ai-jun XIONG Zheng-de |
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| Abstract: | The firm's debt maturity structure is an important part of financing structure.Based on the analysis of adverse selection and moral hazard of asymmetric information,this article studies the effet of debt maturity on the value of the enterprise.It shows that debt maturity has a signaling function at the occurrence of separating equilibrium under the condition of adverse selection,which is to say,good firms issue short-term debt to signal his quality and bad firms have to choose to issue long-term debt.In addition,it also proves that debt maturity has an important correlation with debt agency cost so that the shortening of debt maturity structure can lower debt agency cost caused by debt maturity and morality risk. |
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| Keywords: | asymmetric information debt maturity short-term debt long-term debt |
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