融资结构的财务治理效应研究——以我国上市公司为例  

The Research on the Effects of the Financial Management in Financing Structure

作　　者：洪敏[1] 

机构地区：[1]安徽工业大学公司治理与运营研究中心,安徽马鞍山243000

出　　处：《北方经贸》2009年第7期49-52,共4页Northern Economy and Trade

基　　金：安徽省教育厅人文社科课题研究项目(2008sk182)

摘　　要：研究分析我国上市公司股权融资和债权融资的财务治理效应发现,目前我国上市公司资产负债比例并不高,同时分布比例也不是很合理,大部分上市公司偏好股权融资,利用债务融资的深度和广度都还不够,没有充分发挥债务融资的优势。这就表明融资契约的财务治理效应的有效发挥需要一定的前提条件:一是要不断完善上市公司的内外部财务治理机制,二是要建立有效的债务契约履行机。Through analysis of effects of the financial management of equity financing and debt financing of China＇s listed companies, it is concluded that China＇s listed companies is not high proportion of assets and liabilities, while the distribution ratio is not very reasonable. Most of the companies prefer equity financing, while the depth and breadth of using debt financing are not enough. Advantages of debt financing haven＇t been given a full play. This shows that there are some prerequisites to give an effective play to the effects of financial management of the financing contract： First, listed companies have to continuously improve the internal and external financial control mechanisms. Second, listed companies have to establish an effective mechanism to ~ contract obligations in order to further deepen the financial management effects of financing structure.

关 键 词：股权融资 债务融资 财务治理效应 

分 类 号：F235.2[经济管理—会计学]