债务融资治理效应的实证评析

债务融资对于降低公司代理人成本、传达公司质量信号和争夺公司控制权都具有重要的债权治理作用.通过对近期债务融资治理实证研究成果进行的梳理和分析表明,包括中国在内的发展中国家普遍存在着债务融资治理功能缺失或低效率.由于该结论是基于财务杠杆作为唯一治理变量得出的,使其对于债务融资治理低效率的原因解释不够充分.今后应重视债权与股权治理的互动关系以及财务杠杆的内生性等问题的研究.

An Empirical Review on Governing Effects of Financial Leverage

Financial leverage is theoretically regarded as an important mechanism of corporate governance in reducing corporate agency costs,signaling information about quality of company and competing for corporate control rights.It can be concluded from the latest empirical literatures that inefficient governance of creditor's rights is prevalent in developing countries,especially in China.But the conclusion cannot explicitly explain why the inefficient governance results with the single variable of financial leverage in existing models.Future research is expected to pay more attention to the relationship between governance of creditor's rights and that of shareholder's rights,leverage's structures and its endogenesis.