[1]张学伟,沈 瑜.财务公司、资本结构变化与债务成本[J].常州大学学报(社会科学版),2018,19(06):55-62.[doi:10.3969/j.issn.2095-042X.2018.06.007]
　Zhang Xuewei,Shen Yu.Financial Company, Capital Structure Change and the Cost of Debt[J].Journal of Changzhou University(Social Science Edition),2018,19(06):55-62.[doi:10.3969/j.issn.2095-042X.2018.06.007]
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财务公司、资本结构变化与债务成本()
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常州大学学报(社会科学版)[ISSN:2095-042X/CN:32-1821/C]

卷:
第19卷
期数:
2018年06期
页码:
55-62
栏目:
经济·管理学研究
出版日期:
2018-11-28

文章信息/Info

Title:
Financial Company, Capital Structure Change and the Cost of Debt
作者:
张学伟; 沈 瑜
Author(s):
Zhang Xuewei; Shen Yu
关键词:
财务公司;  资本结构;  内部资本市场;  分位数处理效应
Keywords:
financial company;  capital structure;  internal capital market;  quantile treatment effect
分类号:
F230.9
DOI:
10.3969/j.issn.2095-042X.2018.06.007
文献标志码:
A
摘要:
从成员企业资本结构属性、期限和单位债务成本三个角度研究了财务公司如何影响集团其他成员企业的债务融资行为。为了得到这三者在不同分位数上的效应差异,实证部分在面板数据的基础上,采用了分位数处理效应模型,包括有条件分位数处理效应和无条件分位数处理效应。研究发现:财务公司使企业负债水平高的更高,低的更低; 长期债务比例下降,且比例越高下降越多; 单位债务成本降低,且成本水平越低的降幅越大。上述结果表明财务公司可以有效降低同集团成员企业的财务杠杆和融资成本。
Abstract:
From three perspectives, namely, the nature of member companies' capital structure, the time limit and the cost of debt, the debt financing by financial company to influence other member companies is studied. In order to attain the effects of three prospects differences in different quantiles, on the basis of panel data, by use of quantile treatment effect model, including the conditional and unconditional quantile treatment effects, it demonstrates that financial company makes enterprises' high-level debt higher and low-level lower; makes long-term debt ratio decrease, the higher the ratio, the more decreased; makes the cost of debt decline, the lower the cost, the more declined. The results show that financial company can effectively reduce the financial leverage and the cost of financing of member companies in the same enterprise.

参考文献/References:


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备注/Memo

备注/Memo:
作者简介:张学伟,管理学博士,常州大学商学院讲师、硕士生导师; 沈瑜,常州大学商学院硕士研究生。 基金项目:国家哲学社会科学基金一般项目“基于内部资本市场分部相关性的地方国资平台整合效率及其对策研究”(17BJY031)。
更新日期/Last Update: 2018-11-30