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随着股权分置改革的基本完成,中国上市公司短期债务融资偏好与高现金持有的现象逐渐缓解,与此同时,长期负债的重要性愈加凸显。而随着长期负债到期,现金持有对缓解流动性风险十分重要。目前国内的债务期限结构研究通常只区分短期负债和长期负债,对长期负债期限结构则鲜有涉及。因此,长期负债期限结构的趋势性变化及其对现金持有的影响路径需要更为细化的研究。经验结果显示,首先,2002—2014年长期负债期限结构呈趋势性上升,长期负债占资产的比重也不断上升;其次,随着长期负债剩余期限的减少,流动性风险增加,现金持有规模也随之增加;最后,股改对中国上市公司债务期限选择及现金持有规模的积极影响也显著地影响了两者的互动关系。
With the basically completed share-trading reform, the short-term debt financing preference of Chinese listed companies and high cash holdings have gradually eased, meanwhile, the importance of long-term liabilities has become more prominent. With long-term liabilities maturing, cash holdings are important to mitigate liquidity risk. At present, the research on the term structure of the debt in China usually only distinguishes short-term liabilities from long-term liabilities, and rarely covers the term structure of long-term liabilities. Therefore, the trend change of the term structure of long-term liabilities and its impact on the cash holdings need more detailed research. The empirical results show that firstly, the term structure of long-term liabilities in 2002-2014 shows a trend of rising trend, and the proportion of long-term liabilities in assets also increases. Secondly, as the remaining term of long-term liabilities decreases, the liquidity risk increases and the size of cash holdings In the end, the positive influence of stock reform on the maturity of debt and the size of cash holdings of Chinese listed companies have also significantly affected the interaction between the two.