| Signalling with Firm Debt Maturity Choice |
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| 作者姓名： | LEI Sen LI Chuang-zhao LI Ben-bo |
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| 摘 要： | 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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| 关 键 词： | signaling debt maturity credit rationing separating equilibrium |
Signalling with Firm Debt Maturity Choice |
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| LEI Sen,LI Chuang-zhao,LI Ben-bo.Signalling with Firm Debt Maturity Choice[J].Storage & Process,2004(9):143-145152. |
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| Authors: | LEI Sen LI Chuang-zhao LI Ben-bo |
| |
| Abstract: | 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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| Keywords: | signaling debt maturity credit rationing separating equilibrium |
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