证券市场导报Issue(2)：19-25,7.
企业发债和贷款期限的差异化：基于增量法的实证研究
摘要
Abstract
There are a great deal of articles which explain the debt structure theory by balance sheet method. Using the financial data of domestic bonds and loans issued from 1998 to 2008, this paper analyzes incremental corporate debt from the enterprise＇s financial characteristics and attributes of the debt contract. Using a GMM method, this paper empirically studies and compares the decisive factors of the bond and loan＇s maturity. Studies have shown that： the larger firm size, the higher the profit margin, with Guarantee, the higher the credit rating and credit rates, the longer the maturity of debt. If companies choose to issue bonds, it will extend debt maturity, but if companies select bank loans, it will reduce corporate debt maturity.关键词
债务期限/债务结构/企业债券/银行贷款Key words
debt maturity/debt structure/corporate bonds/loan分类
管理科学引用本文复制引用
李湛,曹萍..企业发债和贷款期限的差异化：基于增量法的实证研究[J].证券市场导报,2012,(2):19-25,7.基金项目
本文受到中国博士后科学基金(20110490928)、广东省社科基金(GD10CYJ12)、教育部青年项目(11YJC790092)和2011年中央财政专项资金《金融学省级重点学科建设项目》的资助 （20110490928）
