| 董事会与公司治理:债务资本视角的实证研究 |
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| 引用本文： | 胡援成,程建伟.董事会与公司治理:债务资本视角的实证研究[J].商业经济与管理,2008,206(12). |
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| 作者姓名： | 胡援成 程建伟 |
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| 作者单位： | 江西财经大学金融发展与风险防范研究中心,江西,南昌,330013 |
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| 基金项目： | 国家自然科学基金资助项目(70262001)的阶段性成果:江西省普通高校人文社科重点研究基地-金融发展与风险防范研究中心;以及"金融深化过程中信用风险的测度和控制创新团队"的研究成果
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| 摘 要： | 文章采用2003-2005年沪深股市上市公司的3,003个样本数据,从上市公司财务杠杆和债务期限结构决定的视角,实证研究了董事会对公司治理的影响.实证发现两职合-和独立董事比例与资产负债率显著正相关.董事会次数与资产负偾率呈显著的倒U型曲线关系.董事会特征变量更多的影响资产负债率的决定而对债务期限结构没有显著影响.
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| 关 键 词： | 董事会 资产负债率 债务期限结构 |
Board and Corporation Governance: An Empirical Study from the Perspective of Debt Capital |
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| HU Yuan-cheng,CHENG Jian-wei.Board and Corporation Governance: An Empirical Study from the Perspective of Debt Capital[J].Business Economics and Administration,2008,206(12). |
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| Authors: | HU Yuan-cheng CHENG Jian-wei |
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| Institution: | HU Yuan-cheng,CHENG Jian-wei(Research Center of Financial Development & Risk Prevention,Jiangxi University of Finance , Economics,Nanchang 330013,China) |
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| Abstract: | With the data of 3003 listed companies from 2003 to 2005,this thesis analyzes the role of the board from the perspective of debt capital determination.We find a positive relationship between CEO duality and leverage,as well as a nonlinear relationship of revised U type between the times of board meetings and leverage.The characteristics of the board have more effects on leverage and have no significant effects on debt maturity structure. |
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| Keywords: | board leverage debt maturity structure |
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