公司治理和公司融资政策研究——来自中国上市公司的经验证据

Research on Corporate Governance and Financing Policy——Empirical Evidences from Chinese Listed Companies

本文采用中国非金融上市公司横截面数据,应用因子分析模型经验检查公司治理和公司融资政策之间关系。研究发现:(1)治理水平高的公司具有较高的负债水平,反之亦然;(2)总的说来,中国上市公司不能通过融资政策解决自由现金流问题,但可以通过提高公司治理水平减缓这一问题。

The paper examines empirically the the relationship between corporate governance and financing policy by adopting factor analysis model and cross-sectional data of Chinese non-financial listed companies. The study finds that： （1） the company that its governance level is higher will has a higher debt level, vice versa; （2） In general, Chinese listed companies do not resolve the free cash flow problem by financing policy, but the problem can be mitigated by improving corporate governance level.