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文章创新性地运用了微观企业数据,通过构建面板门限模型考察了企业债务期限结构与企业自由现金流的非线性关系,并进一步揭示了宏观经济波动对企业债务期限结构与自由现金流关系的影响。研究发现:第一,企业债务期限结构与企业现金流的关系因为债务利息的不同呈现出双重门限效应。主要表现为当企业债务利息处于较低水平时,企业自由现金流与债务期限结构呈反向相关关系;当企业债务利息处于较高水平时,企业债务期限结构与债务期限结构呈正向相关关系;第二,宏观经济波动影响企业债务期限结构与自由现金流关系的敏感性。最后,从提高自由现金流的利用率、完善多层次资本市场建设以及降低融资杠杆等方面提出对策建议。
The paper innovatively uses micro-enterprise data to investigate the nonlinear relationship between corporate debt maturity structure and corporate free cash flow by constructing panel threshold model and further reveals the impact of macroeconomic fluctuations on the relationship between corporate debt maturity structure and free cash flow . The findings are as follows: First, the relationship between corporate debt maturity structure and corporate cash flow shows double-threshold effect due to the different debt interest. Mainly when the corporate debt interest is at a low level, the free cash flow of the enterprise is inversely related to the debt maturity structure; when the corporate debt interest is at a relatively high level, the corporate debt maturity structure and the debt maturity structure are in a positive correlation; Second, macroeconomic fluctuations affect the sensitivity of the relationship between the corporate debt maturity structure and free cash flow. Finally, some countermeasures are put forward, such as improving the utilization rate of free cash flow, perfecting the construction of multi-level capital market and reducing the financing leverage.