公司融资结构对代理成本的影响——关于中国商业企业的实证分析  

Effects on Agency Cost from Financing Structure of Corporations——Empirical Study on Commercial Corporations of China

作　　者：宋维演 万佳丽[2] 

机构地区：[1]山东大学经济学院,济南250100 [2]山东英才职业技术学院经管学院,济南250104

出　　处：《价值工程》2005年第10期114-116,共3页Value Engineering

摘　　要：公司融资结构是影响代理成本的重要因素。本文选取了86家在沪深交易所上市的商业企业作为样本,区分了上市公司负债的期限结构,对公司融资结构与代理成本的关系进行回归分析。结果表明商业企业一般倾向于流动性负债,总资产负债率、流动资产负债率与代理成本负相关。Financing structure of corporations is an important factor that affects agency cost. This paper selects 86 listing commercial corporations as samples, and makes regression analysis between financing structure and agency cost by differentiating term structure of debts. Result indicates that commercial corporations incline to liquidity debt; there is a negative relation between general debt ratio, liquidity debt ratio and agency cost.

关 键 词：融资结构 代理成本 资产负债率 

分 类 号：F831.2[经济管理—金融学]