我国公司债债券期限的影响因素分析

以2007年8月14日至2011年12月31日上市公司发行的91条公司债的存续时间而非会计报表数据为研究对象,从代理成本和流动性风险假说、信息不对称假说以及税收收益假说三个方面分析公司债债券期限的影响因素,研究发现流动性风险是影响债券期限的主要因素,代理成本理论、信息不对称假设仅仅得到了部分验证,而税收收益假设完全没有得到验证,说明中国上市公司在进行公司债券期限决策时主要考虑了公司所面临的流动性风险。

Analysis on Factors Affecting Corporate Debt Maturity

Taking 91 corporate debts issued by listed companies over a period ranging from August 14,2007 to the end of 2011,but not the accounting statement data,as research objects,we analyze the factors affecting corporate debt maturity from three aspects such as the hypothesis of agency costs and the liquidity risk,the hypothesis of information asymmetry and the hypothesis of tax benefit.We find that the liquidity risk is the main effect on the maturity of a debt.The theory of agency costs and the hypothesis of information asymmetry are only partially confirmed.And the hypothesis of tax benefit is not subjected to any confirmation at all.This suggests that when making a decision on corporate debt maturity,Chinese listed companies mainly consider the liquidity risk they face.