摘要
以上市公司为研究样本,考察了债务期限结构对公司价值的影响力,分析了债务期限结构的管理激励差异。研究结果显示,短期财务杠杆具有更强的管理激励,能够更有效地迫使管理者改善经营效率和提升公司价值。中国的制度环境能够为短期债权人提供更有效的保护机制,债务的流动性是影响资本结构激励功能的关键因素。
The paper takes listed companies as research samples, discusses the influence of debt maturity structure on corporate value, and analyzes the relationships between capital structure and corporate value. Results show that short - term financial leverage has stronger incentive effect on the growth of corporate ; it can force managers to improve operation efficiency and corporate val- ue. The author comes to the conclusion that policy environment in China can provide more effective protection for short - term creditors, and the mobility of debt is the key factor which influences motivation function of capital structure.
出处
《云南财经大学学报》
2007年第4期87-91,共5页
Journal of Yunnan University of Finance and Economics
基金
广东省自然科学基金项目(5300372)
关键词
债务期限结构
公司价值
管理激励
债权人保护
Debt Maturity Structure
Corporate Value
Management Motivation
Creditor Protection
