公司债券融资与银行债务治理效应的实证分析

Corporate Fundraising through Bond and Bank Debt Discipline: an Empirical Study

本文以截至2009年3月31日发行过公司债券的我国上市公司为样本,以 2005～2009年为时间窗,从债务结构的角度,对比研究了公司债券融资与银行债务的治理效应。研究发现,公司债券因其硬约束而具有明显正面的治理效应,能够提升企业的经营业绩,而银行债务则表现出治理效应恶化现象。

Taking our listed companies whose corporate bonds maturity beyond first quarter of 2009, as investigation subjects between year 2005- 2009, the paper studies the government effect of corporate bonds and loans from bank. The results are as follows： the government effect of corporate bonds are distinctly positive, because of their hard claim, as a consequence, corporate bonds can rise the achievement of firms. While these of loans from bank are weakening and worsening, and reduce the achievement of firms.