Short‐Term Corporate Debt around the World
研究发现，各国上市公司短期债务占比差异很大（美国28%到中国78%），信息不对称与债权人法律保护的相互作用是决定债务期限的重要因素，且信息不对称对债务期限的影响在债权人权利较弱时更大。
Short‐term corporate debt as a proportion of total debt issued by public firms varies greatly across countries, between 28% in the United States and 78% in China. This paper argues that the interaction between information asymmetry and legal protection of creditors is an important determinant of debt maturity. When short‐term debt plays a dual role as signaling and commitment devices, a reduction in information asymmetry has a larger impact on debt maturity when creditor rights are weaker. We find empirical support for this prediction using firm‐level data from 45 countries around the world.