Abstract: Firstly, this study uses four dimensions to measure the regional social capital levels, which includes the social trust, social organization, social participation, and social charity. We also utilize factor analysis to construct a composite scores of social capital. And secondly, the paper empiricially studies the impact of social capital on corporate debt maturity structure not only with fixed-effects model through F-test, LM-test, and Hausman-test, but also with a series of parameter and non-parameter tests, by using 471 listed non-financial companies in Shanghai and Shenzhen Stock Exchanges over the period from 2010 to 2013 to form a balanced panel data as a sample. The empirical result indicates that the regional social capital is significantly and positively related to corporate debt maturity structure. More specifically, listed firms in the better social capital development regions will incline to have longer debt maturity.

摘要： 本文首先从社会信任、社会组织、社会参与、社会慈善四个维度度量中国各地区社会资本的发展水平，运用因子分析法构建社会资本的综合分数。紧接着，本文构建一个包含2010—2013年可持续获得相关信息的471家在深、沪上市的非金融类公司组成的平衡面板数据为样本，通过F检验、LM检验、Hausman检验选用固定效应模型，并应用参数检验和非参数检验方法实证检验社会资本与公司债务期限结构之间的关系。实证研究发现：社会资本和债务期限结构具有显著的正相关关系，即上市公司所属地区社会资本的发展水平越高，公司债务期限结构越长。