我国上市公司债权融资的公司治理效应分析

Research on the Effect of Debit Financing Corporation Governance in China's Listed Companies

当前,在我国上市公司债权治理过程中,存在的主要问题是我国国有银行产权结构单一,政企职责不分,不良资产比例偏高;企业债券流通市场发展缓慢,市场中介机构发展滞后。其原因就在于上市公司只关心股权投资者在公司中的利益,所设计公司的治理结构和治理机制,忽视了债权人的利益和债权人在公司的治理结构和治理机制当中发挥的作用。要从根本上解决这些问题,就必须进行国有银行的产权制度改革,做到实行政企分开,产权多元化;要大力培育企业债券流通市场,建立成熟的企业债券信用评级制度,从而促进企业债券市场的长期稳定发展。

Recently,in the process of debt governance in our country＇s listed companies,the main questions are that the property right structure of our state-owned banks is unitary,government function and enterprise affairs merge into one and the proportion of non-performing assets is high.The corporate bond circulation market develops slowly and the market intermediates lags behind.The reason is that the listed companies only care about the equity investors＇ interests in the company and the company＇s governance structures and governance mechanisms,and they ignore the creditors＇ interests and the function that the creditors play in the company＇s governance structure and governance mechanisms.To fundamentally solve these problems,it should reform the state-owned banks＇ property rights,separate government functions from enterprise management,diversify property rights,cultivate corporate bond circulation market,establish a mature credit rating system for corporation bond,and thereby promote the long-term stable development of the corporate bonds market.