CAJ | 학술논문

以我国科技型企业为研究对象，用增量法对企业债券期限进行定义，利用企业债券发行期限与杠杆率的非独立性构建系统模型考察银行间市场与交易所场内市场参与者资金供求决策行为及新发科技企业债券存续期限选择的影响因素。模型估计结果显示：选择在交易所发行的科技型企业债券契约双方将更多的注意力集中于具有未来期权性质的成长机会对发行期限选择的影响上，而银行间市场资金供求双方却注重严谨地考察企业历史或即期微观财务特征对负债能力及发行期限的决定。
이아국과기형기업위연구대상，용증량법대기업채권기한진행정의，이용기업채권발행기한여강간솔적비독립성구건계통모형고찰은행간시장여교역소장내시장삼여자자금공구결책행위급신발과기기업채권존속기한선택적영향인소。모형고계결과현시：선택재교역소발행적과기형기업채권계약쌍방장경다적주의력집중우구유미래기권성질적성장궤회대발행기한선택적영향상，이은행간시장자금공구쌍방각주중엄근지고찰기업역사혹즉기미관재무특정대부채능력급발행기한적결정。
We chose Chinese science and technology enterprises as the research object. After defining corporate debt matu-rity under the increment approach,we built a system model using the non-independence of corporate debt maturity and the leverage ratio,so that we can investigate the capital supply and demand decision-making behavior of the participants in in-ter-bank market and exchange-traded market,and the influence factors of choosing new issuance debts’maturity in sci-ence and technology enterprises. The estimation results show that the debt’ s contract parties of tech corporation issuing in exchange will pay more attention to the impact of growth opportunities with the nature of future option on the maturity choo-sing,while the funds supply and demand sides in inter-bank market focus more on the determination of the debt capacity and the maturity by rigorous investigation of historical or current micro-financial characteristics.