| 资本结构对公司治理机制的影响：来自管理报酬的证据 |
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| 引用本文： | 谢军.资本结构对公司治理机制的影响：来自管理报酬的证据[J].广东金融学院学报,2008,23(4):57-64. |
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| 作者姓名： | 谢军 |
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| 作者单位： | 华南师范大学,经济与管理学院,广东,广州,510631 |
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| 摘 要： | 财务杠杆能够强化管理报酬的业绩敏感度,并优化管理报酬的激励结构。公司债务所生成的约束机制有助于改善公司治理机制,促进管理效率,减少自由现金流的代理成本,并最终实现公司价值的提升。财务杠杆对公司价值有积极效应。
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| 关 键 词： | 财务杠杆 资本结构 管理报酬 敏感度 |
Structure of Capital and Corporate Governance: Evidence from Management Compensation |
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| Xie Jun.Structure of Capital and Corporate Governance: Evidence from Management Compensation[J].Journal of Guangdong University of Finance,2008,23(4):57-64. |
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| Authors: | Xie Jun |
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| Abstract: | Financial levers can make management salaries more sensitive to performance and improve the encouragement structure of salaries.The restraining mechanism generated by corporate debt helps to improve a company's governance mechanism,enhance management performance,reduce brokerage costs for floating capital and ultimately raise the value of the company. |
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| Keywords: | Financial Leverage Structure of Capital Management Compensation Sensitivity |
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