The impact of Public-Private-Partnership on the term structure of corporate debt-Micro evidence from Chinese listed companies

被引：0
作者：
Wu W. [1 ,2 ]
Liu X. [1 ]
Zhong T. [1 ]
机构：
[1] School of Banking and Finance, “Belt and Road” PPP Development Research Center, University of International Business and Economics, Beijing
[2] School of Mathematics and Statistics, Hubei Normal University, Huangshi
来源：
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | 2020年 / 40卷 / 06期
基金：
中国国家自然科学基金;
关键词：
Asset liquidity; Debt financing; Debt maturity structure; Public-Private-Partnership;
D O I：
10.12011/1000-6788-2020-0413-12
中图分类号：
D9 [法律]; DF [法律];
学科分类号：
0301 ;
摘要：
Empirical research based on the microdata of listed companies in China from 2013 to 2018 shows that Public-Private-Partnership will significantly affect the debt maturity structure of enterprises, namely, increasing long-term interest-bearing debt and reducing the proportion of short-term interestbearing debt. In addition, compared with enterprises in high-debt industries such as construction and real estate, enterprises in low-liability industries will significantly increase their debt ratios by participating in Public-Private-Partnership projects. From the perspective of debt maturity, Public-Private-Partnership will increase the long-term interest-bearing debt of companies in high-debt industries. Further research shows that asset liquidity is the channel through which Public-Private-Partnership affects the term structure of corporate debt. © 2020, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
引用
收藏
页码：1545 / 1556
页数：11
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