文献类型：期刊文献

英文题名：Firm life cycle and debt maturity structure: evidence from China

作者：Zhang, Xiaofei[1,2];Xu, Longbing[2]

第一作者：张笑斐;Zhang, Xiaofei

通讯作者：Xu, LB[1]

机构：[1]Henan Univ Econ & Law, Sch Accounting, Zhengzhou, Peoples R China;[2]Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China

第一机构：河南财经政法大学会计学院

通讯机构：[1]corresponding author), Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China.

年份：2021

卷号：61

期号：1

起止页码：937-976

外文期刊名：ACCOUNTING AND FINANCE

收录：;Scopus(收录号：2-s2.0-85078957907);WOS:【SSCI(收录号:WOS:000510585300001)】；

基金：We thank the Editor Tom Smith and Jing Shi and two anonymous reviewers for many helpful comments. We thank participants at the 2019 Global and China Accounting and Finance Conference for their constructive comments. Zhang gratefully acknowledges the National Social Science Fund of China (16BGL050, 19AGL011), Project of Humanities and Social Sciences of Ministry of Education in China (15YJA790086), China Postdoctoral Science Foundation funded project (2017T100289, 2017M611516) and NG Teng Fong/Sino Outstanding Youth Fund of HUEL for financial support. Xu gratefully acknowledges the National Natural Science Fund of China (71773073, 71473157) for financial support.

语种：英文

外文关键词：Firm life cycle; Debt maturity structure; New normal of China's economy; Mass entrepreneurship and innovation campaign

摘要：This study examines the effect of firm life cycle on debt maturity structure (DMS) in China. We reveal that DMS is relatively low in the introduction and recession periods, while long-term debt ratio of growth companies is high. Companies in booming industries need funds but have difficulty obtaining long-term loans, whereas companies in recession can use more long-term loans. The Chow test shows that DMS changed markedly before and after the new normal of China's economy and the implementation of the 'mass entrepreneurship and innovation campaign'. It is urgent to address sunset industries to improve the efficiency of resource allocation.