企业债务融资财务成本效应、治理作用与绩效反应分析  

Analysis of Effects of the Financial Cost on Corporate Debt Financing,Role of Governance and Performance Responding

作　　者：彭熠[1,2] 徐业傲[1] 徐国锋[1] 

机构地区：[1]浙江理工大学经济管理学院,杭州310018 [2]浙江大学经济学院,杭州310027

出　　处：《中央财经大学学报》2014年第1期64-71,共8页Journal of Central University of Finance & Economics

基　　金：国家社科基金项目(11BJY135);国家社科基金项目(12BJY099);国家自然科学基金项目(71273244);浙江省重点创新团队--"生态经济研究团队"建设项目(浙委办[2012]68号文件批准);浙江省科技计划项目(2011F20029);浙江省环保科研计划项目(2011B20)

摘　　要：债务融资作为企业资本结构的核心内容之一,对公司绩效产生重要影响。在财务成本方面,债务融资通过利息的减税作用影响企业价值。在公司治理方面,债务融资水平通过"消减代理成本效应"、"负债的担保作用"、"约束自由现金流使用"及"信息传递的治理压力效应"进而影响到公司绩效;债务融资期限结构通过调整"委托代理关系的激励约束效果"和"信息不对称的治理激励效应"作用于企业绩效。视具体情况制定积极的债务融资策略,发展债券市场将有利于企业绩效的改善。Debt financing as the core of the capital structure has major impacts on corporate performance. On financial costs, debt financing affects the corporate value through the tax effects of interest. On corporate govern- ance, the level of debt financing through the ＂effect of reducing agency costs＂, ＂debt security＂, ＂constraints using free cash flow＂ and ＂effects on corporate governance pressure by information transferring＂ thereby affects the to corporate performance. Maturity structure of debt financing by adjusting the ＂principal-agent relationship between incentive constraint effects＂ and the ＂incentive effects of asymmetric information governance＂ has role on business performance. A positive debt financing strategies depending on the circumstances and the development of bond market will help to improve business performance.

关 键 词：企业债务融资水平 财务成本效应 公司治理 债务融资期限结构 绩效 

分 类 号：F235.19[经济管理—会计学]