公司治理质量、债务期限与投资效率——来自中国上市公司的证据

信息不对称和代理问题是引起公司非效率性投资的主要扭曲因素。基于我国经济转型的治理环境，文章以我国A股上市公司的2012～2014年数据为样本，探讨了公司治理质量、债务期限对公司投资效率的监督机制。研究发现，公司治理质量、短期债务有效改善相关方信息不对称和代理问题，从而提高投资效率，进一步地，公司治理和债务期限对公司投资效率的监督在一定程度上是一种替代机制，在公司治理质量高的公司里，短期债务对投资效率的作用减弱。

Corporate Governance Quality,Debt Maturity and Corporate Investment Efficiency---Evidence from Chinese Listed Companies

Information asymmetry and agency problem are main distortion factors , which cause investment inefficiency of the compa-ny . Based on China's governance environment of the economic transformation , this study uses China's A -share listed companies during the period 2012 to 2014 as sample to discusses the role of corporate governance quality and debt maturity in investment efficiency . The re-sults show that corporate governance quality , likewise , lower debt maturity can improve investment efficiency , and this study further finds that corporate governance quality and debt maturity are mechanisms with some degree of substitution in enhancing investment efficiency . Firms with lower (higher) corporate governance quality , exhibit higher (lower) short-term debt effect on investment efficiency .