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本文分析了产业集中度对债务期限结构的影响。以1999年前上市的公司为研究对象,利用这些公司1999-2009年的数据,研究发现产业集中度与公司的债务期限结构为正U型关系,即在集中度较低时,短期负债比例与产业集中度负相关,在集中度较高时,短期负债比例与产业集中度正相关,而且该结果是稳健的。产生上述现象的原因是随着产业集中度的提高,为了降低竞争对手的掠夺行为给公司带来的经营风险,公司会使用更少的短期债务,随着产业集中度的进一步提高,由于政府的干预,竞争对手采取掠夺行为的概率会下降,公司的代理成本会显著上升,为了降低运营的代理成本,公司会倾向于使用更多的短期债务。
This article analyzes the impact of industrial concentration on debt maturity structure. Taking the listed companies before 1999 as the research object, using the data of these companies from 1999 to 2009, we find that the degree of industrial concentration is positively U-shaped with the company’s debt maturity structure. That is, when the concentration is low, the ratio of short- Industry concentration is negatively correlated. When concentration is high, the proportion of short-term debt is positively correlated with industry concentration, and the result is steady. The reason for the above phenomenon is that with the improvement of industrial concentration, companies will use less short-term debt in order to reduce the operational risk brought by competitors’ predatory behavior. With the further improvement of industrial concentration, Intervention, the probability of competitors taking predatory behavior will decline, the company’s agency costs will rise significantly, in order to reduce operating agency costs, the company will tend to use more short-term debt.