债务减免的信号传递机制  

The Signal Transmission Mechanism of Debt Relief

作　　者：王满[1,2] 宋淑琴[1,2] 

机构地区：[1]东北财经大学内部控制与风险管理研究中心,辽宁大连116025 [2]东北财经大学会计学院,辽宁大连116025

出　　处：《云南财经大学学报》2010年第3期17-24,共8页Journal of Yunnan University of Finance and Economics

基　　金：2009年度辽宁省社会科学规划基金资助项目(L09BJY014)

摘　　要：根据负债信号传递理论的思路建立理论模型,证明了银行存在一个最佳的债务减免额度,银行的最佳债务减免额与公司的收益性负相关,债务减免能够向市场传递公司质量的信号,债务减免程度越高,公司的收益性越差,因此说明了债务减免与负债一样具有信号传递机制。但由于中国的现实背景与理论模型建立的假设条件存在差异,导致债务减免的信号传递机制在中国资本市场未能很好地体现出来,并从原因分析中得出启示。A theoretical model is built in this paper based on the theory of signal transmission of debt, and it proves that there is an optimal debt relief limit which is negatively correlated with corporate profitability. Debt relief gives signals to the market about the performance of companies. The higher the debt relief is, the worse the company＇ s profitability. This proves that debt relief has the same signal transmission mechanism with debt. However, because of the difference between China＇ s practical background and the assumption of the theoretical model, the transmission mechanism of debt relief cannot be well performed in China＇ s capital market. Enlightenment is found by analyzing the causes.

关 键 词：债务减免 债务再谈判 信号传递 

分 类 号：F275[经济管理—企业管理]