中文摘要：

本文通过对2007年至2011年我国A股615组配对公司的实证研究发现：持股金融机构不仅能够为企业带来更多的债务资金,包括短期债务资金和长期债务资金,而且有利于企业改变负债结构,即提高融资成本较低的短期债务融资比重,降低融资成本较高的长期债务。此外,相对于国有上市企业而言,民营上市公司持股金融机构更有利于改变其债务融资水平与债务结构。进一步区分金融机构类型后发现,持股金融机构对企业负债融资和债务结构的影响主要来自于持股非银行类金融机构。

英文摘要：

Based on 615 pairs of paired-firms from 2007 to 2011, the paper finds ： shareholding in financial in- stitutions not only can bring more debt capitals to holding firms, including short-term debt and long-term debt, but also can change their debt structure by increasing the short-term debt financing and reducing the using of long-term debt. Besides, the influence of investing in financial institutions on debt financing and debt structure is more evident in non-state-own enterprises comparing to the state-owned enterprises. Further dividing the fi- nancial institutions into two groups, we find that the influence of shareholding in financial institutions on firms＇ debt financing and debt structure is due to the shareholding in non-bank financial institutions rather than share- holding in banks.