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Empirical Study on the Debt Maturity Structure Based on the Macroeconomic Variables

机译:基于宏观经济变量的债务期限结构实证研究

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By the agency costs theory and the expectation theory, the relationships between the enterprise debt maturity structure and the economic aggregate indexes such as the economic development level, the inflation, the money supply, and the macro-tax burden are empirically tested, and the result shows that the GDP growth rate and the macro-tax burden present the positively correlative relationship with the enterprise debt maturity, and the inflation and the money supply present the negatively correlative relationship with the enterprise debt maturity, and the both relativities are significant, which indicates that the debt maturity structure of Chinese listed companies is significantly influenced not only by many interior characteristics such as the enterprise size, the assets maturity, and the growth, but also by the macroeconomic factors.
机译:利用代理成本理论和期望理论,对企业债务期限结构与经济发展水平,通货膨胀,货币供应量,宏观税负等经济总量指标之间的关系进行了实证检验,得出了结果。表明GDP增长率和宏观税收负担与企业债务期限成正相关,通货膨胀和货币供应量与企业债务期限成负相关,两者的相对性均显着。中国上市公司的债务期限结构不仅受到企业规模,资产期限和成长等许多内部特征的影响,而且还受到宏观经济因素的影响。

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