债务作为治理机制与中国企业债券市场的发展

Debt as a Means of Governance Mechanism and the Development of Corporate Bond Market

企业债券不但是企业融资方式之一,而且也是公司外部治理的重要组成部分。债务能减少股东与企业经营者之间的代理成本、影响企业外部控制权市场的作用以及决定企业控制权的转移和投资决策效率。发展中国企业债券市场有助于完善中国公司治理机制,为此,必须放宽对企业债券发行方面的限制、发展债券品种、完善债券的契约条款和制定有关债权人保护方面的法律。

Corporate bond is not just a source of fund-raising, but has become a mechanism of corporate governance. Debt decreases agency cost, influences the success of takeover and involves the contingent transfer of control right and the efficiency of investment. Developing corporate bond can help improving China's corporate governance. To achieve this goal, the following measures should be taken; removing the restrictions on the issuance, permitting more restricting clauses and more laws being enacted and enforced to protect the rights of bond investors.