制度背景、债务优先级与治理效应后果  

Institutional Background、Debt Priority and Consequences of Governance Effect

作　　者：梅波[1] 

机构地区：[1]重庆三峡学院经济与管理学院,重庆404120

出　　处：《经济与管理》2012年第11期41-47,共7页Economy and Management

基　　金：国家社会科学基金项目(05CJY008);教育部人文社会科学研究青年项目(12YJC790141);重庆三峡学院校级项目(11QN-03)

摘　　要：基于我国制度背景,先对不同优先级债务的治理效应进行理论分析,再利用上市公司数据进行内生性检验。实证结果表明,质抵押、保证融资与公司绩效负相关,而作为次级债务的信用融资与公司绩效正相关且显著,与理论上具有优先债务清偿权的质抵押债务的治理有利于公司绩效的增加相悖,担保型融资存在软约束,其治理功能不及信用融资,一定程度上说明企业自身信用的重要性超过了与此往来间的担保关系,信用损失大于担保关系的重建。Based on Chinese institutional background, the different priority debt governance effect is analyzed theoretically, and it is endogenous inspection to use of listing Corporation data. The empirical result shows that coefficient of mortgage and ensuring financing variables is negative, and subordinated debt coefficient is positive and significant. It indicates the first debt payment does not increase performance, security-based which is less than credit financing on governance function is soft constraints in financing. It shows that credit is more important than security relationship and credit loss is greater than the guaranteed renewal. They change unbalance of our country＇s debt priority.

关 键 词：优先级债务 内生检验 治理效应 软约束 

分 类 号：F234.4[经济管理—会计学]