上海管理科学2017，Vol.39Issue(6)：11-18,8.
社会资本视角下债务异质性与债务融资成本关系研究
Study on Debt Heterogeneity and Debt Financing Cost from the Perspective of Social Capital
摘要
Abstract
Using the data of 2 085 Chinese listed firms from 2007 to 2014 in Shanghai and Shenzhen Ashares market,this paper study the rerelationship between debt heterogeneity and debt financing cost,and the moderating effect of social capital on debt heterogeneity.The empirical evidence indicates that in terms of debt sources heterogeneity,operating liabilities alleviate the debt financing cost and financing liabilities inhibit the debt financing cost,but social capital have significant moderating effect on both liabilities.In terms of debt maturity heterogeneity,the increase of longterm debt ratio can aggravate the debt financing cost,but social capital will relieve the situation.While the increase of short-term debt ratio will inhibit the debt financing cost,and social capital do strengthen the positive effects.Considering different property right,we find that the moderating effect of social capital on debt heterogeneity is stronger in private firms.关键词
社会资本/债务异质性/债务融资成本/产权性质Key words
social capital/debt heterogeneity/debt financing cost/property right分类
管理科学引用本文复制引用
张润宇,余明阳..社会资本视角下债务异质性与债务融资成本关系研究[J].上海管理科学,2017,39(6):11-18,8.基金项目
吉林省社会科学基金项目“制度环境对上市家族企业过度投资研究”(2016JD93). （2016JD93）
