董事会特征与公司债务期限选择——基于中国民营上市公司面板数据的研究  

Board Characteristics and the Choice of Mature Structure——Empirical Study of the Panel Data in Chinese Private Listed Companies

作　　者：向锐[1] 

机构地区：[1]厦门大学工商管理博士后流动站,福建厦门361005

出　　处：《山西财经大学学报》2009年第3期118-124,共7页Journal of Shanxi University of Finance and Economics

基　　金：中国博士后科学基金资助项目(20080430782)

摘　　要：以2004—2006年在深沪交易所上市的民营公司为样本，采用面板数据，应用随机效应回归技术，从长期负债占负债总额比例和长期银行借款占负债总额比例的角度，就董事会特征对债务期限结构选择的影响进行了实证研究。研究发现，长期债务与董事会独立性、董事会领导结构、异地独立董事、独立董事出勤率正相关，与董事会会议次数、审计委员会设立负相关，而董事会规模、董事长持股比例与债务期限结构选择不相关，这说明民营上市公司董事会特征能够在一定程度上抑制内部控制人的机会主义行为和大股东对中小股东的“隧道行为”，使公司减少对短期债务的使用。Using panel data and random - effects regression, the author explores an empirical research on the relationship between board eharaeteristies and the mature structure of corporate debt which is measured by the ratio of long- term debt to total debt and the ratio of long - term bank debt to total debt based on a dataset consisting of listed private firm from both Shanghai and Shenzhen Stock exchange from 2004 to 2006. The research finds that the mature structure of corporate debt is positively associated with board independence, general manager duality, independent directors who do not come from the place where listed private companies registered, the frequeney of independent directors attend meeting, and negatively associated with the numbers of board meeting, audit committee, and not associated with the board size, the proportion of board chairman have stock. The results suggest that the boards eharacteristies can restrain inner controller from opportunistic behaving, large shareholder from tunneling small shareholder to a eertain degree, and make corporate lessen short debt use.

关 键 词：民营上市公司 面板数据 债务期限结构 

分 类 号：F23[经济管理—会计学]