导　　师： 刘新琳

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 西南财经大学

摘　　要： 民营企业在我国经济发展中处于及其重要的地位,而由于我国经济正处于转型时期,民营企业面临着特殊融资环境。很多民营企业面临着融资困难,短期负债较高,流动性风险较大的问题,改善民营企业融资环境,为其能选择合理债务期限结构创造条件已经是一个急切的现实问题。目前对债务期限结构的研究主要是从公司治理、公司特征等企业内部因素来进行分析的。在我国转轨的特殊时期,国内研究者开始研究不同制度环境下政府干预、法律环境和区域金融市场发展等因素对企业债务期限结构的影响,但很少对不同地区制度环境下政治关联不同对债务期限结构的影响进行研究。 本文以2006年—2010年沪深民营上市公司为研究对象,研究制度环境和政治关联以及不同制度环境下政治关联对民营企业债务期限结构的影响。本文的具体研究内容如下： 第一章导论。本章简要介绍了本文的研究背景和研究意义以及主要内容。 第二章文献综述。分别阐述了债务期限结构影响因素的文献综述、政治关联对债务期限结构的文献综述、制度环境对债务期限结构的文献综述。 第三章基本概念与理论基础。本章对债务期限结构、制度环境、政治关联的概念做了界定,并提出了本文的基础理论,制度理论、寻租理论和关系资本理论。 第四章制度环境、政治关联和民营企业债务融资的现状。通过樊纲等编制的《中国市场化指数》中提供的市场化、金融发展和法律环境指数来分析我国民营企业所处的制度环境,并统计分析了我国民营上市公司构建的政治关联的现状。通过民营企业目前的债务结构如资产负债率、非流动负债和流动负债的比例以及流动负债和非流动负债的内部结构进行统计分析,对民营企业债务期限结构的现状总体情况有一个了解。 第五章实证分析。通过建立回归模型分别对市场化水平、金融发展水平、法治水平以及政治关联对对债务期限结构的影响进行了回归分析,并对制度环境和政治关联交叉影响债务期限结构进行了回归分析,并对回归结果进行了说明。 第六章研究结论与政策建议。本章对研究的结论进行了概括,根据研究结论,为改善民营企业的债务期限结构创造良好的融资环境提供了政策建议。 本文的主要贡献：在我国处于特殊的转轨时期,不仅考察了民营企业所处的制度环境对企业债务期限结构而且检验了在不同制度环境下政治关联对企业债务期限结构的影响,为民营企业在获取长期债务融资面临了制度困境寻找了经验证据,丰富了债务期限结构的研究。 本文的不足：本文所运用的制度环境数据可能存在滞后,在回归分析中采用了是截面数据只从静态角度研究了制度环境和政治关联对民营企业债务期限结构的影响。 Private enterprises play important position in China's economic development, while China's economy is in a transitional period, private enterprises are facing with special financing environment. Many private enterprises are meeting difficulties in financing, higher short-term liabilities, the larger issue of liquidity risk, improve the financing environment of the private enterprise for reasonable debt maturity structure to create conditions for an urgent practical problem. The debt maturity structure is analyzed from the corporate governance characteristics and internal factors. In China's transition period, domestic researchers began to study the impact of government intervention, the legal environment and regional development of financial markets in different institutional environment factors on corporate debt maturity structure, but little in different parts of the institutional environment of political relevance of debt the impact of the term structure. In this paper, the Chinese private listed companies in2006to2010as the research object,research and institutional environment and political association, and political association in the institutional environment on the debt maturity structure of private enterprise. This paper as follows: Chapter1, Introduction.This chapter briefly describes the background and significance of this study and the main content. Chapter2,Literature Review. Literature review of the literature review of the debt maturity structure influencing factors, the political relevance of debt maturity structure literature review, the institutional environment on the debt maturity structure respectively. Chapter3,basic concepts and theoretical basis. This chapter on the debt maturity structure, institutional environment, the concept of the political association defined and the basic theory, system theory, rent-seeking theory and relational capital theory. Chapter4, Institutional environment, political association and private enterprise debt maturity structure of the status quo. Fan Gang and other prepared Chinese market index market, financial development and legal environment index to analyze the institutional environment in which private enterprises in China, and statistical analysis of China's private listed companies to build the status of political association. Statistical analysis such as asset-liability ratio, the proportion of non-current liabilities and current liabilities and current liabilities and non-current liabilities of the internal structure of the current debt structure of private enterprise, have an understanding of the status of the overall situation of the private debt maturity structure. Chapter5, Empirical Analysis. Regression model was established on the market level, the level of financial development, the level of the rule of law and political relevance of the impact of debt maturity structure of the regression analysis, and institutional environment and political relevance cross the maturity structure of debt regression analysis, and the regression results are described. Chapter6, Conclusions and policy recommendations. This chapter summarized the findings of the study, according to research findings, policy recommendations to improve the debt maturity structure of private enterprise to create a favorable financing environment. The main contribution of this paper:our country is in a special transition period, not only examine the environment of the private enterprise system in which test the impact of the political relevance in different institutional environment for corporate debt maturity structure of corporate debt maturity structure and private enterprises in for long-term debt financing to face institutional difficulties to find the empirical evidence, and enrich the study of the maturity structure of debt. The lack of this paper:the use of environmental data may lag in the regression analysis used cross-sectional data from a static perspective of the institutional environment and political relevance of debt maturity structure of private enterprise.

关 键 词： 制度环境 政治关联 债务期限结构 民营企业

分 类 号： [F275 F224]

领　　域： [经济管理] [经济管理] [经济管理]