金融生态环境、负债的治理效应与债务重组:经验证据

本文研究金融生态环境、负债的治理效应与上市公司以债务人身份发生债务重组的关系,利用2001—2004年上市公司的数据研究发现,金融生态环境越差的地区的公司更可能发生债务重组;金融生态环境较好地区的上市公司的财务杠杆水平与债务重组之间的正相关关系更弱。这意味着,切实改善金融生态环境,提高金融机构等的经营独立性和信贷风险控制能力,促进公司负债发挥治理效应是非常重要的。本文还发现,存在机构投资者股东、高管持股比例更高和独立董事比例更高的公司更少可能发生债务重组,上市年龄越长的公司更可能发生债务重组。认为发展机构投资者,提高董事会的独立性和适当提高经理人基于股权的激励,并改进资本市场关于IPO公司质量审核的制度安排,可提高上市公司质量。

Financial Ecological Environment, The Governance Effect of Debt and Debt Restructuring: Empirical Evidence

We use the data of listed companies during 2001—2004 to explore the relation among financial ecological correlated environment,the governance effect of debt and debt restructuring.First,we document that the probability of debt restructuring is significantly negative with financial ecological environment complicated index.Second,we document that,for those listed companies locate in the area where the financial ecological environment is relatively good,the positive relation between financial leverage and the probability of debt restructuring is weaker than that of others which locate in the area where the financial ecological environment is relatively bad.We also document that the probability of debt restructuring is significantly negatively correlated with the existence of institution investors,the percentage of shares held by top management,independence of the board of directors,and company size,and significantly positive with the listing age of listed companies.Our findings suggest that China should improve financial ecological environment,enhance the operating independence and the ability to control credit risk,enable company debt to work effectively as an governance mechanism,make institution investors develop more rapidly,adequately heighten executives' equity incentive,strengthen the independence of the board of directors,and improve the institutional arrangement regarding the quality review of IPO firms.