控制权竞争和公司债务期限结构研究
A Study of Corporate Control Contest and Debt Maturity

基于2004-2015年中国上市公司数据，实证检验控制权竞争是否影响公司债务期限结构。结果发现：控股股东持股比例与债务期限显著负相关；多个大股东并存会提高公司长期债务比例；股权竞争性越强，长期债务比例越高。这些结论与理论假设相符，既证实了内外部公司治理的密切联系，也说明控制权竞争有助于形成更为合理的债务期限结构。
Based on Chinese listed companies from 2004 to 2015, the paper tests whether corporate control contest affects corporate debt maturity. Empirical results show that controlling owners' shareholding ratio has a negative and significant effect on corporate debt maturity. Multiple large shareholders have a positive effect on corporate debt maturity and shareholding concentration significantly increases long-term debt ratio.