期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2008
卷号：2008
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：This paper investigates the determinants of liability maturity choice in
transition markets. We formulate a model of firm value maximization that
describes managers' choice of optimal debt structure. The theoretical
predictions are tested using a unique panel of 4,300 Ukrainian firms during the
period 2000-2005. Our estimates confirm the importance of liquidity, signaling,
maturity matching, and agency costs for the liability term structure of firms
operating in a transition economy. In addition, we find that companies do not
react uniformly to determinants of debt maturity. Firms that mainly rely on
external funds are sensitive to signaling and they consider the variability of
firm value an important determinant of their debt maturity choice. For less
constrained companies that rely more on internal funding, asset maturity is an
essential determinant of debt structure.
关键词：Debt maturity, capital structure, transition period, Ukraine
