汽车行业上市公司债务期限结构与治理效率的实证研究

Empirical Research on Debt Maturity Structure and Governance Efficiency in Automotive Listed Companies

采用分量回归模型,以2006~2009年间沪深两市汽车行业上市公司的面板数据为样本,选取核心资产收益率、总资产收益率、净资产收益率、市账比和每股净资产为度量公司治理效率的替代变量,考察债务期限结构对公司治理效率的影响。实证结果显示,债务期限结构对核心资产收益率、净资产收益率和每股净资产具有显著的负向影响,表明长期债务的使用比例显著影响公司治理效率。

This paper studies the debt maturity structure on the influence of the governance efficiency by using quantile regression model, selecting CROA, ROA, ROE, MB and MRQ as altemative variables to measure governance efficiency and automotive listed companies＇ panel data from 2006 to 2009 in Shanghai and Shenzhen as samples. The empirical results show that debt maturity structure has significant negative impact on CROA, ROE and MRQ, the use of the long-term debt ratio has significant affect on the governance efficiency.