金融发展、债务治理与公司价值——来自中国上市公司的经验证据  

Financial Development,Debt Governance and Corporate Value:Evidence from Chinese Listed Companies

作　　者：唐松[1] 杨勇[2] 孙铮[3] 

机构地区：[1]香港理工大学会计及金融学院 [2]全国社会保障基金理事会,北京100032 [3]上海财经大学会计与财务研究院,上海200433

出　　处：《财经研究》2009年第6期4-16,96,共14页Journal of Finance and Economics

基　　金：国家社会科学基金资助项目(08BJY021);教育部人文社科研究基地重大项目(05JJD630027)

摘　　要：文章运用新制度经济学的基本理论,以我国沪深两市A股上市公司2000-2006年的数据为样本,实证分析了金融发展促进经济增长的微观作用机制。研究发现,若债务比例增加1%,金融发展水平高的地区与低的地区相比,公司市场价值平均多提高0.54%,并且,债务融资与公司价值的正相关关系只在金融发展水平高的地区才存在。这表明,金融发展水平对债务治理作用的发挥有重要影响,公司所处地区的金融发展程度越高,债务治理的作用越强,越有利于提高公司的价值。Based on the critical theory of new institutional economics and the data of A-share listed companies on both Shanghai and Shenzhen stock markets from 2000 to 2006, this paper makes an empirical study on the micro mechanism of financial development for promoting economic growth.The result finds that if the debt ratio increases by 1%, the increasing percentages of corporate values in areas with higher degree of financial development will be on average 0. 54 higher than the ones in areas with lower degree of financial development. And the positive relation between the debt ratio and corporate value only holds in areas with higher degree of financial development. It means that financial development plays an important role in the performance of debt governance. If the companies are located in areas with higher degree of financial development, their debt governance will have a better performance and their corporate values will be more apt to rise. This paper provides a helpful perspective for us to understand the micro mechanism of financial development for promoting economic growth.

关 键 词：金融发展 债务治理 公司价值 

分 类 号：F230[经济管理—会计学]