国内上市公司债务融资效率的实证分析

经典公司理论表明，作为硬约束，债务融资能够在一定程度上降低公司内在的代理成本，从而提高公司经营效率。文章利用上海证券交易所A股上市的522家上市公司2003-2008年的财务报表相关数据对此做一个实证研究。时间固定效应模型回归的结果显示，我国上市公司的资产收益率与债务融资率之间呈负相关关系，国内上市公司的债务融资并不能有效控制经营者为最大化自身收益而采取的机会主义行为，代理成本的存在一定程度上降低了公司经营效率。

Empirical Analysis on the Efficiency of Domestic Listed Companies’ Debt Financing

The classic company theory indicates that as a hard constraint for companies,debt financing can reduce the internal agency cost of the companies and increase their operational efficiency.Using Shanghai A-Share 522 listed companies’ financial statements from 2003 to 2008,time fixed effect model shows a different result that China’s listed companies’ returns on assets(ROA) are negatively correlated with their debt financing rates.China’s listed companies’ debt financing cannot effectively manage the opportunistic behavior of the companies’ operators,who maximize their own interests.Agency costs reduce efficiency of listed companies to some extent.