短期债务融资

负债结构有明显的短期债务融资倾向；

The structure in debt is obviously prone to floating debt financing ;

货币市场指所有为了短期债务融资工具的交易而设置的机构和程序。

Money market refers to all institutions and procedures that provide for transactions in short_term debt instruments .

在外源融资中，股权融资所占比重又远远高于债权融资，即中国上市公司的融资顺序依次为股权融资、短期债务融资、长期债务融资和内源融资。

Further more , the proportion of stock financing in external financing is even higher than that of debt financing .

由于种种原因，我国的融资顺序表现为股权融资、短期债务融资、长期债务融资和内源融资。

However , the preferred financing sequence in China is stock financing , floating debt financing , long-term debt financing and internal financing .

融资战略：资本结构不存在行业差异；负债结构有明显的短期债务融资倾向；融资渠道狭窄。

Financing strategy : The capital structure has no difference between trades ; the structure in debt is obviously prone to floating debt financing ; the financing channel is narrow .

现代企业融资理论揭示了企业融资顺序是内源融资、短期债务融资、长期债务融资、股权融资。

Modern business financing theory discloses that the financing order for firms is as follows : internal source financing , short-term liability financing , long-term liability financing , and share equity financing .

最后，通过对控制变量与资本结构相关关系的分析，本文对中小企业偏好短期债务融资的原因进行了可能的分析。并对中小企业的资本结构选择以及国内债券市场的发展提出了建议。

Finally , through the analysis of the correlation between the control variables and capital structure , this paper analyzes the possible causes why SMEs have strong preference for short-term debt and provides suggestion for the choice of capital structure and the development of domestic bond market .

运用衍生品的上市公司更倾向于选择短期债务融资方式，且运用汇率衍生品的公司比运用商品衍生品的公司短期债务比重更大。（3）衍生品的运用与企业外部资本成本呈负相关关系。

Listed companies that use derivatives are more incline to choose short-term debt financing , and the proportion of short-term debt in commodity derivatives users is greater than the currency derivatives users . ( 3 ) Derivatives ' application of listed companies has significant negative impact on external capital cost .

流动性下降，意味着由短期债务提供融资的长期资产比例上升，这将提升利润，但加大了突然撤资的风险和循环还债的难度。

Less liquidity , implying a higher fraction of long-term assets funded with short-term debt , raises profits but heightens exposure to sudden withdrawals and difficulties in rolling over debt .