公司债券对代理成本影响的实证分析

An Empirical Analysis of the Corporate Bonds' Impact on Agency Costs

本文以2007年至今发行了公司债的沪深两市上市公司为研究对象,检验公司债发行额度和代理成本之间的关系。我们分别用管理费用和资产周转率计量代理成本,并创新地仿照资产负债率提出资产公司债率,将公司债发行额度引入模型。检验发现:公司债的发行并不能降低代理成本,而且公司债发行额度越大,代理成本越高。

By studying listed companies in Shenzhen and Shanghai market which issued corporate bonds since 2007,this paper inspected the relationship between the corporate bond issuance amount and the agency cost.We used management fees and asset turnover to measure the agency cost,and proposed asset company debt ratio innovatively followed by asset liability ratio,introducing bond issue amount into the model.The results show that the issuing of corporate bonds would not decrease the agency cost,and the higher amount of the bond issued,the higher agency cost.