我国上市公司负债融资的治理效应研究

An Empirical Analysis on the Relationship between Debt Financing and Corporate Governance in China's Listed Companies

基于2000～2008年我国上市公司的数据实证研究负债融资、公司治理和企业绩效之间的关系。研究结果表明:负债融资与代理成本呈反方向变动,短期负债融资对代理成本产生显著的负向作用,而长期负债融资的系数未通过显著性检验,对代理成本并没有负向的效应;负债融资比率对企业绩效是正相关的,同时短期负债的增加会提高企业的绩效,而长期负债的增加会降低企业的绩效。

This paper conducts empirical research on the relationship among debt financing, corporate governance and corporate performance, based on the data from 2000 to 2008 from listed companies in China. The results show that： debt financing and agency costs was in the opposite direction of change and short-term debt financing to the agency costs have a significant negative effect. The coefficiency for long-- term financing did not pass the significance test. There is no negative effect on the agency costs. Debt ratio and firm＇s performance are positively correlated. While the increase in short-term liabilities will increase the company＇s performance, the increase in long--term debt will reduce the company＇s performance.