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西方关于负债与公司价值关系的研究综述 被引量：2

Reviews on the Relationship between Debt and Firm Value in the West Countries
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摘要 本文在委托代理和不对称信息理论分析框架中综述了西方关于负债、债务期限结构和债务所 有者结构与公司价值关系的研究,在此基础上提出了负债价值效应悖论,最后基于投资机会集考察了负债 与公司价值之间的关系。 Using principle-agent theory and asymmetric information theory analysis framework, this paper reviews the research on the relationship between debt , ownership structure of debt and maturity structure of debt and firm value in west countries. Basing on this, the author argues paradox of debt value effect. At last, the paper explores the relationshio between debt and firm value from investment opportunity set.
作者 郭春丽
机构地区 国家发展与改革委员会宏观经济研究院体改所
出处 《首都经济贸易大学学报》 2006年第1期66-71,共6页 Journal of Capital University of Economics and Business
关键词 负债 债务期限结构 债务所有者结构 公司价值 分析框架 debt maturity structure of debt ownership structure of debt firm value analysis framework
分类号 G642 [文化科学—高等教育学]
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参考文献10

  • 1[1]Diamond,Douglas (1991).Debt Maturity Structure and Liquity Risk[J],Quarterly Journal of Economics,106,709-737.
  • 2[2]Flannery,M.J.(1986).Asymmetric Information and Risky Debt Maturity Choice[J],.Journal of Finance,41,19-37.
  • 3[3]Jensen,Michael C.(1986).Agency Costs of Free Cash flow,Corporate Finance and Takeovers[J],American Economic Review,76,323-339.
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  • 6[6]McConnell,John and Servaes,Henri (1995).Equity Ownership and the Two Faces of Debt[J],Journal of Financial Economics,39,131-157.
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  • 8[8]Myers,Stewart C.(1977).Determinants of Corporate Browning[J],Journal of Financial Economics,5,147-75.
  • 9[9]Ross,Stephen (1977).The Determination of Financial Structure:the Incentive Signaling Approach[J],Bell Journal of Economics,8,23-40.
  • 10[10]Stultz,Rene (1990).Managerial Discretion and Optimal Financing Policies[J],Journal of Financial Economics,26,3-27.

同被引文献10

  • 1肖作平.上市公司资本结构与公司绩效互动关系实证研究[J].管理科学,2005,18(3):16-22. 被引量：200
  • 2连玉君,程建.不同成长机会下资本结构与经营绩效之关系研究[J].当代经济科学,2006,28(2):97-103. 被引量：162
  • 3JENSEN M, MECKLING W. 1976. Theory of firm: managerial behavior, agency cost, and ownership structure[ J]. Journal of Financial Economics, (10) :305 -360.
  • 4Myers S C, N S Majluf. Corporate financing and investment decisions when firms have information investors do not have [J]. Journal of Financial Economics, 1984 (13): 187- 221.
  • 5Jensen M, Meckling W. Theory of firm: managerial behavior, agency cost, and ownership structure[ J]. Journal of Financial Economics, 1976 ( 10) : 305 - 360.
  • 6Hurlin Ch. Testing granger causality in hetergoeneous panel data models with fixed coefficients [ R ]. Laboratoire d'Economie d'Orleans. Working Paper, 2004 (5) : 1 - 23.
  • 7Hurlin Ch, B Venet. Financial development and growth: a re-examination using a panel granger causality test [ R ]. Laboratoire d'Economie d'Orleans. Working Paper,2004(18) :1-30.
  • 8Toth, Zemcik. What makes firms in emerging markets attractive to foreign investors? micro-evidence from the Czech Republic [ R ]. Laboratoire d'Economie d'Orleans. Working Paper series ( ISSN 1211 - 3298 ) ,2006 (3) : 1 - 48.
  • 9胡援成.企业资本结构与效益及效率关系的实证研究[J].管理世界,2002,18(10):146-147. 被引量：48
  • 10曹廷求,孙文祥,于建霞.资本结构、股权结构、成长机会与公司绩效[J].南开管理评论,2004,7(1):57-63. 被引量：52

引证文献2

二级引证文献3

首都经济贸易大学学报
2006年 第1期

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