Financial System Reform,Earnings Persistence and Debt Maturity
The debt maturity of specific firms has been important to measure efficiency of credit resources allocation, Xue and Zhu (2010) suggest that financial information play different role in short-term and long-term credit market. We focus on the financial system reform in the end of 2003 promoted by Chinese government, investigate the influence of earnings persistence on debt maturity by Chinese listed companies during 2002-2006, find that the firms with lower earnings quality obtain longer debt maturity after the reform, the result show that information relativity has increased significantly, but rent seeking is still important factor affecting the credit resource allocation.
Xiuli Zhu Lianjun Li
Nanjing University of Finance & Economics School of Accountancy Nanjing, China
国际会议
International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)
武汉
英文
1-4
2011-08-12（万方平台首次上网日期，不代表论文的发表时间）