债权治理评价、企业特征与成长性——基于中国中小上市公司的实证研究

债权治理处于公司治理体系的内核,债权治理评价是公司治理系列评价的重要受体。本文在对国内外文献进行评述的基础上,从债权治理视角构建中国中小上市公司债权治理评价指数,并籍此从偿债能力、债务融资、资产期限、债务期限四个基本纬度以及不同企业特征因素等视角对205家中小上市公司样本进行治理状况实证研究。同时,结合中小上市公司成长性评价体系,对两种评价指数进行综合相关性和回归研究。结果显示债权治理状况总体偏低,不同所有制下有较大差异,债权治理水平与公司成长性呈现倒U型关系。高偿债、低债务融资不利于公司成长,债务期限和资产期限结构的不平衡使其对成长性影响不显著。公司规模、质量和实际所得税率是影响债权治理水平和企业成长性的重要特征因素。

Governance of Creditor''''s Rights Evaluation, Enterprise Characteristics and Growth: An Empirical Analysis Based on Listed SMEs in China

The governance of creditor's rights plays the core role in the corporate governance evaluation system.This paper,on the basis of the review of literatures in China and abroad,constructs the evaluation index to measure and assess creditor's rights governance of the listed small and medium enterprises in China,and makes an empirical study on the governance situation of 205 Chinese listed SMEs from four foundational dimensions,namely,solvency,debt financing level,assets maturity structure and debt maturity structure,and from the perspective of enterprise characteristics differences.Meanwhile,the paper,combined with the enterprise growth evaluation system of listed SMEs,makes a comprehensive and regression research on the two evaluation indices.The evaluation results show that the overall governance of creditor's rights in China is poor.There are big differences under different ownerships.The governance index and the growth index have an inverted U-shaped relationship.High solvency and low debt financing are all harm to enterprise growth,the unbalanced structure of debt and asset maturity doesn't impact the growth significantly.The size,quality and effective income tax rate are the most important features of influencing the governance and growth.