制度环境、所有权性质与负债的治理效应

Institutional Environment,the Nature of Ownership and Governance Effect of Financing debts

已有证据发现制度环境对企业债务融资具有重要的影响,但就制度环境对不同所有制之间负债治理效应差异的影响尚不明了。本文以我国上市公司2003—2007年的数据为样本,初步检验了国有上市公司和民营上市公司在负债治理效应方面是否存在显著差异以及制度环境对两者关系的影响。结果发现,整体上国有上市公司在负债治理效应上显著弱于民营上市公司,但是随着政府干预的减少、市场化进程的加快和法制水平的提高,国有上市公司相比民营上市公司在负债治理效应方面的差异将会逐渐缩小。这一研究成果不仅丰富了国内外学者对负债治理效应的相关经验研究,而且有助于我们更加深入地理解导致负债治理效应差异的制度根源。

Previous studies find that institutional environment has great influences on corporate debt financing,but it hasn＇t known that whether institutional environment can exert great influences on the difference of debt governance among firms with different nature.Using the data on China＇s listed companies data from 2004 to 2007,this paper investigates the difference of debt governance among firms with different nature and the effect of institutional environment on this difference.The result shows that,comparing with private listed companies,state-owned listed firms＇ debt governance is weaker.However,with the decrease of government intervention,the speed of marketization and the improvement of legal level,the difference of debt governance among firms with different nature will become smaller and smaller.These results not only enrich the related study on debt governance,but also help us to deeply understand the institutional roots that induce the difference of debt governance.