公司治理机制对债务期限结构的影响--来自我国上市公司的经验证据

The Effects of Corporate Governance Mechanisms on Debt Maturity Structure——Empirical Evidence from Listed Corporates in China

以我国上市公司为样本,在单一方程检验的基础上,通过联立方程,运用两阶段最小二乘法控制债务期限结构与财务杠杆的内生性问题,将公司治理机制的有效性对债务期限结构的影响进行了检验,检验结果基本上为公司治理机制的有效性与债务期限结构负相关的观点提供了证据,此外,公司治理机制的有效性与债务期限结构的负相关性在低成长公司中更显著的观点也基本得到印证。

Based on the single equation, this paper utilizes the simultaneous equations and two-stage least square method to analyze the endogenesis of controlling the debt maturity structure and financing lever. It investigates the effects of corporate governance mechanisms on debt matttrity by some listed corporations in China, Ottr study by and large supports the viewpoint that the efficiency of corporate governance mechanisms is negatively related with debt maturity and this negative relation is more significant in slow growing corporates.