企业的债务结构是企业资本结构中的一项重要内容.文章从信号传递博弈的角度出发,研究了不完全信息如何影响企业选择其债务期限结构及分离均衡存在的条件.通过分析银行及企业目标取向及行为机制,并建立二者之间的不完全信息信号传递动态博弈模型.在模型分析的基础上指出当信贷配给所带来的交易费用足够大时,高质量企业将选择更多的短期债务来传递企业高质量的信号,而差企业则无法进行模仿.

The firm's debt maturity structure is the important part of capital structure. Based on the analysis of credit behavior between bank and enterprise, we study the determination of firm's debt maturity structure. It is shown that when there is the cost resulting from credit rationing, the maturity of the debt can be viewed as a signal about the firm's quality sent to the bank. The high quality firm with stable cash profit tends to the high ratio of short-term debt, and signaling quality of firm to bank.

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