债务融资的治理效应——一种新的实证研究设计

The Governance Efficiency of Debt Financing——A new Empirical Analysis Design

根据西方财务学的理论分析,企业债务融资的存在及其比率大小对经营绩效有着重要影响。比较主流的观点是:在某个适当的区间内,债务融资比率的上升有助于提升企业绩效,即债务融资具有积极的治理效应。在评述现有的、具有代表性的研究文献的基础上,提出了一种新的实证研究设计,即区间数据检验方法,得到了两个主要结论:(1)上市公司经营绩效与债务融资比率的关系呈近似“倒U”型,这一结论符合西方财务学的理论分析;(2)上市公司债务融资比率的最优值为30%左右。

According to the theoretical analysis of western finance, the existence and ratio of debt financing makes a definitely big influence on performance index of the finn. On the base of admitting that debt financing will to some extent increase the financial pressure and bankruptcy cost so as to decrease the performance index, there is a more popular viewpoint that in a suitable area the increase of debt financing ratio will help promote the operation performance. Up to now, there are too many defaults in domestic empirical analysis on this proposition. On the base of making comment on the existing and representative empirical thesis, the author presents a new design of empirical analysis by which using area data to do empirical analysis and obtain the conclusions as follows.