债权融资结构与公司治理效率——来自中国上市公司的经验证据  

Debt Financing and Corporate Governance:An Empirical Study Based on Listed Companies in China

作　　者：黄文青[1] 

机构地区：[1]暨南大学金融研究所,广东广州510632

出　　处：《财经理论与实践》2011年第2期46-50,共5页The Theory and Practice of Finance and Economics

基　　金：广东省普通高校人文社会科学重点研究基地创新团队项目(08JDTDXM79003);广东高校优秀青年创新人才培育项目(wym09048);中央高校基本科研业务费专项资金资助项目(10JYB2030);广东省自然科学基金资助项目(10451063201005492)

摘　　要：从债务规模、债务期限、债务来源三个维度对上市公司的债权融资治理效率进行实证检验,结果表明,资产负债率与公司绩效显著负相关,债权融资没有发挥应有的治理效应;长期债务和企业债券融资的治理效用是显著的,而商业信用融资与银行借款均不能对上市公司经营者形成有效监督和制约,反而一定程度上加重了上市公司的代理冲突。An empirical analysis on the governance effects of Chinese listed Companies from three foundational dimensions,namely,debt financing scale,debt maturity structure and source of debt,is done in this paper.It is found that there is a significantly negative relationship between debt financing and corporate performance,which shows debt financing has no governance effect as it ought to be;and there is a significantly positive relationship between Long-term financing and governance effect,while this relationship is not so positively significant as to bank and commercial debts,which show that bank debts＇ governance is not exerted adequately,sometimes even lead to more principal-agent problems.

关 键 词：债权融资 公司治理 资本结构 

分 类 号：F830.9[经济管理—金融学]