| 债务期限和资本结构的联合影响因素:一个结构方程模型 |
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| 引用本文： | 肖作平.债务期限和资本结构的联合影响因素:一个结构方程模型[J].数理统计与管理,2007,26(3):543-549. |
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| 作者姓名： | 肖作平 |
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| 作者单位： | 清华大学,经济管理学院,北京,100084 |
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| 基金项目： | 国家自然科学基金;中国博士后科学基金 |
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| 摘 要： | 在考虑债务期限与资本结构相互依赖关系下,通过构建结构方程模型,采用中国上市公司面板数据,应用2SLS对债务期限和资本结构的联合影响因素进行经验检查,以拓展先前研究。研究发现,债务期限与资本结构是联立决定的,债务水平高的公司具有更多的长期债务,同时,长期债务多的公司具有更高的债务水平。
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| 关 键 词： | 债务期限 资本结构 结构方程模型 二阶段最小二乘法 面板数据 |
| 文章编号： | 1002-1566（2007）03-0543-07 |
| 修稿时间： | 2005-10-17 |
The Joint Determinations of Debt Maturity and Capital Structure: A Structure Equation Model |
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| XIAO Zuo-ping.The Joint Determinations of Debt Maturity and Capital Structure: A Structure Equation Model[J].Application of Statistics and Management,2007,26(3):543-549. |
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| Authors: | XIAO Zuo-ping |
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| Institution: | School of Economics and Management, Tsinghua University, Beijing 100084, China |
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| Abstract: | we apply 2SLS to examine empirically the joint determinations of debt maturity and capital structure while taking into account the interdependent relation between debt maturity and capital structure, extending the previous studies. We do it by constructing structure - equation model and using panel data of Chinese listed companies. We find that debt maturity and capital structure are determined simultaneously, firm with high debt level will have more long - term debt, at the same time, firm with more long - term debt will have higher debt level. |
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| Keywords: | debt maturity capital structure structure-equation model two-stage Lease Squares(2SLS) panel data |
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