| 债务期限结构、公司价值和债权人保护 |
| |
| 引用本文： | 陶安. 债务期限结构、公司价值和债权人保护[J]. 云南财贸学院学报, 2007, 23(4): 87-91 |
| |
| 作者姓名： | 陶安 |
| |
| 作者单位： | 电子科技大学中山学院 广东广州528402 |
| |
| 基金项目： | 广东省自然科学基金项目（5300372） |
| |
| 摘 要： | 以上市公司为研究样本,考察了债务期限结构对公司价值的影响力,分析了债务期限结构的管理激励差异。研究结果显示,短期财务杠杆具有更强的管理激励,能够更有效地迫使管理者改善经营效率和提升公司价值。中国的制度环境能够为短期债权人提供更有效的保护机制,债务的流动性是影响资本结构激励功能的关键因素。
|
| 关 键 词： | 债务期限结构 公司价值 管理激励 债权人保护 |
| 文章编号： | 1007-5585（2007）04-0087-05 |
| 修稿时间： | 2007-04-12 |
Debt Maturity Structure, Corporate Value and the Protection of Creditors |
| |
| TAO An. Debt Maturity Structure, Corporate Value and the Protection of Creditors[J]. Journal of Yunnan Finance and Trade Institute, 2007, 23(4): 87-91 |
| |
| Authors: | TAO An |
| |
| Affiliation: | Zhongshan Institute, University of Electronic Science and Technology, Guangzhou 528402, China |
| |
| Abstract: | The paper takes listed companies as research samples,discusses the influence of debt maturity structure on corporate value,and analyzes the relationships between capital structure and corporate value.Results show that short-term financial leverage has stronger incentive effect on the growth of corporate;it can force managers to improve operation efficiency and corporate value.The author comes to the conclusion that policy environment in China can provide more effective protection for short-term creditors,and the mobility of debt is the key factor which influences motivation function of capital structure. |
| |
| Keywords: | Debt Maturity Structure Corporate Value Management Motivation Creditor Protection |
| 本文献已被 CNKI 维普 等数据库收录！ |
|
