[1]张学伟,徐丙岩.集团财务公司对“去杠杆”和“降成本”的作用——基于上市公司债务融资的实证研究[J].常州大学学报(社会科学版),2020,21(01):68-76.[doi:10.3969/j.issn.2095-042X.2020.01.007]
　Zhang Xuewei,Xu Bingyan.Group Financial Companies' Effects on “Deleveraging” and “Cost Reduction” —An Empirical Sudy of the Debt Financing of Listed Companies[J].Journal of Changzhou University(Social Science Edition),2020,21(01):68-76.[doi:10.3969/j.issn.2095-042X.2020.01.007]
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集团财务公司对“去杠杆”和“降成本”的作用——基于上市公司债务融资的实证研究()
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常州大学学报(社会科学版)[ISSN:2095-042X/CN:32-1821/C]

卷:
第21卷
期数:
2020年01期
页码:
68-76
栏目:
财务与会计专题研究
出版日期:
2020-03-10

文章信息/Info

Title:
Group Financial Companies' Effects on “Deleveraging” and “Cost Reduction” —An Empirical Sudy of the Debt Financing of Listed Companies
作者:
张学伟; 徐丙岩
Author(s):
Zhang Xuewei; Xu Bingyan
关键词:
财务公司;  债务融资;  倾向得分匹配法;  内部资本市场
Keywords:
financial companies;  debt financing;  propensity score matching;  internal capital market
分类号:
F230.9
DOI:
10.3969/j.issn.2095-042X.2020.01.007
文献标志码:
A
摘要:
以有财务公司的集团公司的上市公司成员为“干预组”,其他上市公司为“控制组”,从债务融资程度、结构、成本等三个方面,研究财务公司如何影响集团其他成员; 同时从融资约束松紧、资产期限长短、所有权性质等角度,分组研究相应的影响机理。研究发现:财务公司使集团内其他企业成员的资产负债率、长期债务比、单位债务成本显著下降,且融资约束紧的企业资产负债率下降更显著,资产期限长的企业长期债务比下降更显著,国有企业的债务融资成本下降更显著。
Abstract:
Taking the listed enterprise groups with financial companies as the “intervention group”, other listed companies as the “control group”, from three aspects of debt financing degree, structure and cost, this paper studies how financial companies influence other group members, at the same time, from the angles of tightness of financing constraints, the length of assets term and the nature of ownership, it carries out a further group study of corresponding influencing mechanism. It is found that financial companies significantly reduce the asset-liability ratio, long-term debt ratio and unit debt costs of other group members, the asset liability ratio of enterprises with tight financing constraints and the long-term debt ratio of enterprises with long asset sterm decline more obviously, also the debt financing costs of state-owned enterprises reduce more significantly.

参考文献/References:

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相似文献/References:

[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.[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(01):55.[doi:10.3969/j.issn.2095-042X.2018.06.007]

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、硕士研究生导师; 徐丙岩,常州大学商学院硕士研究生。
基金项目:国家社科基金一般项目“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); 常州大学科研启动基金“基于内部资本市场理论的地方国有企业整合模式比较分析”(ZMF17020107)。
更新日期/Last Update: 2020-03-10