| 基于产权性质分类的上市公司债务治理效应分析 |
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| 引用本文： | 杜飞轮, 张海鹏.基于产权性质分类的上市公司债务治理效应分析[J].华东经济管理,2007,21(11):116-118,115. |
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| 作者姓名： | 杜飞轮 张海鹏 |
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| 作者单位： | 中国社会科学院,研究生院,北京,100102 |
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| 摘 要： | 文章在分析了中国上市公司债务治理效应弱化的原因的基础上,根据产权性质对上市公司进行分类,通过回归分析,分别检验了国有控股上市公司和非国有控股上市公司债务治理效应存在的差异.研究发现,债务融资没有起到抑制经理代理成本和提高公司绩效(公司价值)的作用,没有发挥积极的治理功能;相对于非国有控股上市公司,国有控股上市公司的债务治理效应较低.
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| 关 键 词： | 债务融资 债务治理效应 国有控股上市公司 非国有控股上市公司 |
| 文章编号： | 1007-5097（2007）11-0116-03 |
| 收稿时间： | 2007-09-10 |
| 修稿时间： | 2007-09-10 |
A Study on the Effect of Debt Governance in China's Listed Companies Based on Ownership Classification |
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| DU Fei-lun; ZHANG Hai-peng.A Study on the Effect of Debt Governance in China''s Listed Companies Based on Ownership Classification[J].East China Economic Management,2007,21(11):116-118,115. |
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| Authors: | DU Fei-lun; ZHANG Hai-peng |
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| Institution: | Graduate School; Chinese Academy of Social Sciences; Beijing 100102; China |
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| Abstract: | The paper firstly analyses the reasons why the effect of debt governance is weak in China's listed companies,and then verifies the difference of the effect of debt governance in China's state and non-state ownership listed companies respectively.The paper finds out that debt financing can not control the deputy costs and improve the performance.The effect of debt governance of non-state ownership listed companies is worse than state ownership listed companies. |
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| Keywords: | debt financing effect of debt governance state ownership listed companies non-state ownership listed companies |
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