文献类型：期刊文献

中文题名：债务融资行为对亏损上市公司财务价值的驱动研究

英文题名：The Driving Forces of the Debt Financing Behavior on the Value of Loss Listed Companies

作者：杜勇[1];鄢波[2]

机构：[1]西南大学经济管理学院,重庆400715;[2]广东海洋大学经济管理学院,湛江524088

年份：2011

期号：7

起止页码：43

中文期刊名：证券市场导报

外文期刊名：Securities Market Herald

收录：CSTPCD、、国家哲学社会科学学术期刊数据库、北大核心2008、CSSCI2010_2011、北大核心、CSSCI

基金：国家社会科学基金项目(09CJY085);中国博士后科学基金资助项目(20100470109)的阶段性研究成果;教育部人文社科研究青年项目(09YJC790049);中央高校基本科研业务费专项资金资助项目(SWU0909603);西南大学博士基金项目(SWU0909306)的资助

语种：中文

中文关键词：债务融资;公司财务;亏损上市公司;公司价值

外文关键词：debt financing; corporate finance; loss listed companies; company value

中文摘要：文章研究了债务融资行为的三种特征(债务融资期限、债务融资方式和债务融资规模)对亏损上市公司财务价值的驱动路径和驱动机理。实证结果表明,债务融资期限结构对亏损上市公司的财务价值同时存在侵害和治理两种效应,并且随着流动负债比例的增加,亏损上市公司的财务价值表现出先升后降的趋势;从债务融资方式来看,银行借款的债务融资方式对亏损上市公司的财务价值也同时存在侵害效应和治理效应,但利用商业信用和临时性占用款进行债务融资的方式对亏损上市公司财务价值产生明显的反向驱动效应;债务融资规模对亏损上市公司的财务价值也同时存在正向和反向两种驱动效应,同样,随着负债比率的增加,亏损上市公司的财务价值也表现出先升后降的趋势。

外文摘要：This paper studies the drive path and the driving mechanism of the three characteristics of the behavior of debt financing （including debt financing term, debt financing methods and debt financing scale） on the loss of financial value of listed companies. The empirical results show that the driving effects of the maturity structure of debt financing on the financial value of the loss listed companies includes both impairment and governance effects, and with the increase of the proportion of current liabilities, the financial value of the loss listed companies show the trend of increasing first and then decreasing. From the prospective of debt financing, debt financing like borrowing from the bank has the similar double effects on the financial value of loss listed companies, but the use of commercial credit and money for temporary occupation on debt financing have obvious reverse drive effect on the financial value of loss listed companies. The scale of debt financing also has both positive and negative driving effects on the financial value of loss listed companies, and similarly, as the debt ratio increases, the financial value of the loss listed companies also showed a trend of increasing first and then decreasing.