债务融资的治理效应:理论分析与实证检验

首先就西方财务学关于债务治理效应的理论进行了综述，然后采用中国上市公司的经验数据，对债务融资比例与企业绩效指标的关系进行了检验，得出了债务治理效应不佳的结论。这一结论似乎与西方财务学对债务治理效应的主流分析不符。通过分析其中的现实原因，就如何改善中国企业的债务治理效应，提出了相应的政策建议。

Effects of Liabilities Governance: Theoretical and Empirical Analysis

Following a summary account of the liabilities governance theories coupled with the empirical data of China's listed companies,the writer examined the relationship between debt ratio and business performance and found a poor effect of the liabilities governance.The findings is inconsistent with the mainline analysis of Western finance theory.On observing the actual factors the writer puts forth some operable policy suggestions on improving the efficiency of liabilities governance in China's enterprises.