摘要
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 paper applies parametric and non-parametric test regression analysis to examine the relation between capital structure and long-term bank debt use analyzing the effects of bank screening 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 circumstance lack of debenture instruments, the companies should reduce the bank debts and properly increase the equity capital, which means more growth opportunities.
出处
《南开管理评论》
CSSCI
2005年第4期54-59,共6页
Nankai Business Review
