公司的成长机会、银行债务与资本结构的选择--来自中国上市公司的证据

本文使用参数和非参数检验程序、回归分析检查了资本结构和长期银行债务使用之间的关系,分析了银行审查和监督对资本结构的影响.研究发现,长期银行债务的使用与债务比率显著正相关,且在控制杠杆的其它决定因素下,这个结论是稳健的.本文的一个隐含结论是,我国企业在公司债券融资比重很小的情况下,应减少依赖银行债务,适度增加股权融资比率,这意味着公司有更多的成长机会.

The Growth Opportunity of Company, Bank Debt and Capital Structure Choice: Evidences from Chinese Listed Companies

The paper applies parametric and non-parametric test re-gression analysis to examine the relation between capital structure and long-term bank debt use analyzing the effects of bank screen-ing and monitoring on capital structure. Our study finds a positive relation between the ratio of debt and the use of long-term bank debt, which is robust to controlling for other determinants of capital structure. A connotative conclusion of this paper is, under the circum-stance lack of debenture instruments, the companies should reduce the bank debts and properly increase the equity capital, which means more growth opportunities.