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本文以我国中小上市公司2008年度财务数据为样本,检验债务期限理论在中小企业中的适用性,并找出对其债务期限结构产生显著影响的因素。实证结果表明:强烈支持信息不对称理论,部分支持契约成本理论及资产期限匹配理论,不支持税收理论;对中小上市公司债务期限结构有显著影响的因素包括信用质量,固定资产比率以及企业规模。本文结尾提出了发展公司债券市场及规范健全融资租赁市场可进一步优化企业债务结构。
This paper examines the applicability of the debt maturity theory in small and medium-sized enterprises (SMEs) based on the financial data of 2008 listed SMEs in China and finds out the factors that have a significant impact on the maturity structure of the debt. The empirical results show that: strongly support the information asymmetry theory, part of the support contract cost theory and the maturity of asset maturity theory does not support the tax theory; small and medium-sized listed companies debt maturity structure significantly affect the factors include credit quality, fixed asset ratio and the size of the enterprise. At the end of this paper, it is proposed that the structure of corporate debt can be further optimized by developing the corporate bond market and standardizing the financing lease market.