融资期限

上市公司投融资期限错配及其风险研究

Mismatch of Listed Company 's Debt and Investment Maturity Structure and Its Risks

债权融资期限结构对企业价值影响的实证分析

An Empirical Study of the Influence of Maturity Structure of Debt Financing on Enterprise Value

那将有助于压低利息成本只是政府也需延长融资期限。

That would help keep interest costs down except governments also need to extend their funding .

企业对债权融资期限结构进行选择，目的是为了降低债权融资成本，提高债权融资的收益，最终促进企业价值最大化的实现。

A proper selection of maturity structure of debt financing is for enterprises to reduce the cost and boost the revenue of debt financing in order to maximize the enterprise value .

资本市场的范围不仅包括股票市场，还应包括融资期限在1年以上的银行信贷市场、债券市场以及基金市场等。

The capital market include not only the stock market , but also the financing period of 1 year or more in the bank credit market , bond market and fund market .

同理，如果一家银行的负债再融资期限短于其资产期限，银行出售债券买入期权或者债券期货的买入期权，实际上减少了其利率的敏感度。

Similarly , if a bank that has liabilities with a shorter reprising period than its assets writes a call option on a bond or a bond future , it is actually reducing its interest rate sensitivity .

融资的期限多长？疗程最长为60d。

How long the financing ? The longest therapeutic course reached 60 days .

融资的期限多长？

How long the financing ?

然而，TOT项目融资特许经营期限长久以来难以界定，作为特许权协议中最关键的内容之一，引起了社会各界的广泛关注。

However , As one of the key problems in licensing agreements , the concession period of TOT financing mode are not easily defined so far , which has aroused widespread concern .

从12月21日开始，欧洲央行将启动两项新的再融资操作，期限为3年，为欧洲各银行提供无限量流动性。

From December 21 , the ECB will launch two new refinancing operations which will last three years and provide unlimited liquidity to European lenders .

然后根据企业和银行信贷链的关联，对企业融资中的期限错配和货币错配加剧银行脆弱性进行分析。

Then , based on the relationship of credit chain between banks and enterprises , the intensification of bank fragility caused by maturity mismatches and currency mismatches of enterprises are analyzed .

同时，欧洲央行还可能宣布进行其它再融资操作，期限比目前的最长13个月大幅延长，且愿接受种类更为广泛的资产作为抵押品。

At the same time , the ECB might also announce additional refinancing operations with maturities going well beyond the current maximum of 13 months , and its willingness to accept a wider range of assets as collateral .

欧洲央行可能准备进一步采取何种措施将是周四的主要问题，但在那之前，它可能会选择延长再融资操作的期限，并放宽抵押标准。

The question of what further measures the ECB might be prepared to take will feature on Thursday , but before that the central bank could opt to extend the maturity profile of its refinancing operations and also relax the collateral criteria .

融资成本较大，期限较短；

The cost of the financing is relatively great , and the time limit of it is relatively short ;

其次，从融资结构、债务期限结构、项目融资及产业投资基金等方面论述了高速公路相关的融资理论。

Secondly , highway related financing theory is discussed from the aspects of financing structure , corporate debt maturity structure , project financing and the industrial investment funds .

第二，不同期限的债务融资（本文按期限长短将负债划分为长期负债和短期负债）对公司治理效应的影响存在一定差异。

Second term debt financing ( liabilities into long-term liabilities and short-term liabilities ) by the length of the period of the effect of corporate governance there are some differences .

同时引入传统能源行业作为非环保产业，在债务融资结构、债务期限结构、经营业绩及实证研究上与环保产业进行对比，验证环保产业在这些方面是否表现出显著的行业特点。

This paper can test whether environmental protection listed companies have significant characteristics by contrast with coal and fossil oil listed companies on debt levels , debt maturity structures , business performance and empirical study .

其次，通过回归分析得出，债务总体融资结构以及债务期限结构与公司经营绩效存在显著的负相关关系，而债务布置结构与公司经营绩效不存在显著相关性。

Secondly , through regression analysis , the overall debt financing structure and debt maturity structure are significantly negatively correlated with firm performance , while there is no significant correlation between the debt layout structure and corporate performance .

在这一理论的基础上，本文拟从企业债务融资总体水平、债务融资期限结构和不同类型债务融资三个角度，分别就其对上市公司控股股东掏空行为的影响进行分析。

And then we form the overall level of corporate debt financing , debt maturity structure and different type of debt financing these three angle , analysis their impact on tunneling of controlling shareholders .

而到目前来看，大多的学者的研究多集中于债务融资整体规模以及债务融资期限结构对企业投资行为的影响，而针对债务融资来源结构与企业投资行为关系的研究却相对较少。

Until now , the research mainly focuses on the impact of debt and debt maturity structure on investment behavior , however , the study on the relationship between debt sources structure and investment behavior is relatively less .

债务融资总体水平的差异、债务融资期限结构的差异，以及不同产权性质下的债务融资都会产生不同的治理效应，进而对盈余信息、质量产生不同的影响。

Differences in the overall level of debt financing and the time structure of debt financing , and the nature of property rights under the debt financing will have different governance effects . And thus they have different effects on quality of earnings ' information .

第二，风险企业在融资时应注意融资成本和最佳融资期限，在把握企业控制权的前提下寻求融资结构优化。

Secondly , venture enterprises should pay attention to the financing cost and the best financing period , find the appropriate financial structure on the base of keeping the control power .

现有文献对上市公司融资结构的研究主要集中于股权融资和债务融资方式的选择，对债务融资的期限结构研究较少。

Existing literatures on financing structure mainly pay attention to the choice of equity financing method and debt financing method . Debt maturity structure is seldom investigated .