我国上市公司债务结构对财务治理效率的影响

本文以我国A股上市公司为研究对象,从财务治理成本和财务治理收益两个角度衡量财务治理效率,对债务期限结构和工具结构的财务治理效率进行理论分析和实证检验。研究发现:(1)流动负债并未充分发挥应有的财务治理作用,虽然在抑制控股股东的掏空行为和提升公司价值方面效果显著,但却不能有效约束经营者以促使其不断提高公司会计业绩;(2)银行借款的确存在软约束问题,既不能有效抑制两类股权代理成本,也不能提高公司业绩;(3)商业信用负债总体上能够发挥积极的财务治理效应,既能有效抑制两类股权代理成本,又能提高公司业绩;(4)公司债券由于在债务总额中的比重极低而与股权代理成本以及公司业绩均不存在显著的相关性,因而对财务治理效率没有显著影响。

The Empirical Analysis on The Effects of Liabilities Structure of Our Country's Listed Companies on the Financial Governance Efficiency

This paper takes Chinese listed companies as a sample,weights the financial governance efficiency from financial governance costs and financial governance earnings,then examines empirically the effects of liabilities structure of Chinese listed companies on the financial governance efficiency.The result shows that current liabilities can efficiently restrain holding shareholders'tunnelling act and raise company value,but can't efficiently restrain managers to raise company accounting achievements;bank debts...