We show an inverse relation between the use of short-term debt and stock market liquidity. This finding is robust to a battery of control variables, alternative measures of the key variables, and various identification strategies. A difference-in-difference (DiD) approach suggests that the relation between debt maturity structure and stock liquidity may be causal. The impact of stock liquidity on debt maturity is stronger in the presence of large institutional holdings and when borrowers are subject to greater refinancing risk. We also provide evidence that firms with liquid stock tend to issue longer-term bonds and enjoy lower bond yield spreads. Overall, our results support the view that the governance function of stock market liquidity reduces the necessity of debt market monitoring, which allows firms to shift toward longer-term debt to avoid the costs and risk of frequent refinancing.

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股票流动性会影响公司债务期限结构吗？

我们展示了短期债务的使用与股票市场流动性之间的反比关系。这一发现对于一系列控制变量、关键变量的替代测量以及各种识别策略是稳健的。差异中的差异（DiD）方法表明，债务期限结构和股票流动性之间的关系可能是因果关系。在存在大量机构持股以及借款人面临更大的再融资风险时，股票流动性对债务期限的影响更大。我们还提供证据表明，具有流动性股票的公司倾向于发行长期债券并享有较低的债券收益率利差。总体而言，我们的结果支持股票市场流动性的治理功能降低了债务市场监控的必要性的观点，