| 企业融资结构变动对公司治理结构的影响 |
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| 引用本文： | 蓝虹,穆争社.企业融资结构变动对公司治理结构的影响[J].中南财经政法大学学报,2006(1):50-55. |
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| 作者姓名： | 蓝虹 穆争社 |
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| 作者单位： | 1. 中国人民大学,理论经济学博士后流动站,北京,100872
2. 中国人民银行金融研究所,博士后流动站,北京,100800 |
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| 摘 要： | 企业融资结构的变动决定着融资企业的控制权在股东和债权人间的分配,决定着股东和债权人对融资企业的经营者的约束和激励的强度,这必然会影响到公司治理结构,具体表现为:激励效应、信息传递效应、控制效应;这种影响是通过激励机制、监督机制、外部接管市场以及代理权竞争实现的。我国上市公司的公司治理结构的变化验证了上述结论。
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| 关 键 词： | 股权融资结构 债权融资结构 公司内部治理结构 公司外部治理结构 |
| 文章编号： | 1003-5230（2006）01-0050-06 |
| 收稿时间： | 2005--11--10 |
| 修稿时间： | 2005年11月10 |
The Impact of Enterprise Financing Structure Change on the Corporate Governance Structure |
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| LAN Hong,MU Zheng-she.The Impact of Enterprise Financing Structure Change on the Corporate Governance Structure[J].Journal of Zhongnan University of Finance and Economics,2006(1):50-55. |
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| Authors: | LAN Hong MU Zheng-she |
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| Abstract: | The change of enterprise financing structure decides the distribution of power between shareholders and creditors of financing enterprises and the intensity that shareholders and creditors influence the top management governance of financing enterprises.It will definitely have an impact on corporate governance structure.The impact is embodied by the encouraging effect,the information transmitting effect and the controlling effect.At the same time,the impact materializes through the following channels: the encouraging mechanism,the supervising mechanism,the external controlling mechanism and the agent right competition.The corporate governance structure change of China's listed companies has confirmed the conclusions above. |
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| Keywords: | Equities Financing Structure Creditor's Financing Structure Corporate Governance Structure |
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