| 债务融资治理效应对两权分离的影响——基于我国上市公司数据 |
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| 引用本文： | 刘莹.债务融资治理效应对两权分离的影响——基于我国上市公司数据[J].山东纺织经济,2012(12):13-15,83. |
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| 作者姓名： | 刘莹 |
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| 作者单位： | 石河子大学经济与管理学院 新疆石河子 832000 |
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| 摘 要： | 以2005年-2009年的上市公司为样本,研究了负债融资与两权分离之间的关系,研究结果表明:我国上市公司的负债融资能够抑制过度投资行为、降低公司代理人成本。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。
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| 关 键 词： | 债务治理 治理效率 控制权 |
Governance Effect of Debt Financing on the Separation of Control Rights and Cash Flow Rights |
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| Liu Ying.Governance Effect of Debt Financing on the Separation of Control Rights and Cash Flow Rights[J].Economy of Shangdong Textile,2012(12):13-15,83. |
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| Authors: | Liu Ying |
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| Institution: | Liu Ying (School of Economics & Management, Shihezi University, Shihezi 832000, China) |
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| Abstract: | This paper selected the listed companies to study the relationship between debt financing and the separation of control rights and cash flow rights for the period of 2005-2009. The study shows that debt financing has a discipline role for over investment behavior in Chinese listed companie,4 and it can reduce corporate agency costs, too. 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 and leverage＇s structures. |
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| Keywords: | governance of creditor＇s rights governance efficiency control rights |
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