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本文选取A股非金融类上市公司2000-2010年经验数据为研究样本,实证检验了我国产业政策、区域金融发展以及它们之间的相互作用对企业债务期限结构的影响。研究发现,国家产业政策的出台显著提高了上市公司长期债务融资比重,区域金融发展则与企业长期债务融资显著负相关,然而对于受产业政策鼓励发展的企业,上市公司长期债务比重会随着区域金融发展水平的提高而上升。本文的研究发现为国家产业政策及其区域效应的传导机制提供了企业融资层面的微观证据。
This paper chooses the empirical data of A-share non-financial listed companies from 2000 to 2010 as a sample to test the impact of China’s industrial policy, regional financial development and the interaction between them on the corporate debt maturity structure. The study found that the introduction of national industrial policy significantly increased the proportion of long-term debt financing of listed companies, while the regional financial development was significantly and negatively related to long-term corporate debt financing. However, for enterprises encouraged by industrial policies, the proportion of long- The level of financial development increased and increased. The findings of this study provide micro-evidence on the level of corporate finance for the transmission of national industrial policies and their regional effects.