资本结构、债权治理与公司绩效:一项经验分析

公司债权的治理作用与公司绩效之间存在着密切的逻辑联系。应将不同的制度因素与一国企业的独有特征作为解释债权治理效用的初始条件。经验分析表明：中国上市公司的资本结构存在着诸多不合理的特征，债权治理表现出无效性。政府部门应大力完善债权人行权的制度环境；深化国有商业银行的公司公改造，打造独立的债权主体；加快发展企业债券市场并加大培育机构投资者的力度；允许银行对企业进行战略性特股并完善主办银行制度。

Capital Structure, Governance of Creditor's Rights and Performance: An Empirical Analysis

There is consanguineous logic relation between governance of creditor's rights and corporate performance. Empirical analysis indicates that capital structure of China PLC exist many illogical character and governance of creditor's rights put up inefficacy. Government should continue steadily and selectively lessen state stock holding,deepen the corporate restructure of state-owner commercial banks,create independent creditor,quicken the development of corporate bond market,foster institutional investor,permit banks' strategic shareholding of corporations and impove main-bank institution.