上市公司债权治理对公司绩效影响的实证研究  

Empirical Study on the Relations between Credit Governance and Company Performances

作　　者：杨棉之[1] 张中瑞[1] 

机构地区：[1]安徽大学商学院,合肥230039

出　　处：《经济问题》2011年第3期57-60,共4页On Economic Problems

基　　金：教育部人文社科项目"企业并购内部资本市场运作与经济后果"(09YJC630002);安徽省软科学研究计划项目"金融危机形势下安徽省中小企业融资问题研究"(09030503052)

摘　　要：资本结构通常被看成公司的治理机制,债权治理作为公司治理的一种重要方式,可以有效地抑制代理成本,提高上市公司治理效率。选取2008、2009年沪深300成分股为样本,采用多元回归分析法对上市公司债权治理与公司绩效的关系进行实证检验,结果表明:当以不同的指标表示公司绩效时,债权对公司绩效的影响方向和影响程度不同,长期资本负债比率与公司绩效显著正相关。我国上市公司普遍存在着债权治理功能缺失或低效率,基于检验结果,上市公司应适当增大长期负债比例,优化公司资本结构,提高公司财务绩效。Capital structure is considered as a kind of corporate governance mechanism,the credit governance of listed companies has played a increasingly important role on corporate governance,the aim of credit governance is to reduce the impact of agent cost as well as enhance the efficiency of governance of listed company.This paper adopts multiple regression analysis to study on the relations between credit governance of listed companies and company performance.Based on the results of empirical study,we suggest listed company should increase the rate of long-term liabilities scale appropriately,optimize capital structure and improve corporation financial performance.

关 键 词：上市公司 债权治理 公司绩效 

分 类 号：F270.3[经济管理—企业管理]