摘要
根据西方杠杆治理理论,从实证角度对我国上证50和中小企业板块中的上市公司的代理成本与资产负债率的关系进行分析。由于我国银行对企业约束的加强,上市公司的代理成本都随着负债的增加而降低了。杠杆治理效应在中小企业得到体现,但在上证50中却没有很好的显现,银行对这些公司的约束还应进一步加强。
This paper mainly analyzes the relationship between agency costs and Debt - to - asset ratio of China＇s public listed firms in shangzheng50 and SMEs board based on the western debt governance theories. As the banks of China strengthen the budget constraints, the public listed firms＇ agency costs are reduced with the increase of the debt. The effect of debt governance is visible in SMEs but is not obvious in shangzheng50. The bank should further strengthen the constraints of these companies.
出处
《石家庄经济学院学报》
2007年第6期43-46,共4页
Journal of Shijiazhuang University of Economics
关键词
杠杆治理
代理成本
预算约束
debt governance
agency costs
budget constraints
