资本结构与财务治理效率的关系研究

Research on the Relationship between Capital Structure and Financial Governance Efficiency

利用我国A股上市公司2007～2009年的数据,检验资本结构各要素与财务治理效率的关系。结果表明,负债融资虽不能有效约束管理层的机会主义,但却能通过债务契约来发挥财务治理效应;股权集中度、商业信用负债有助于提高财务治理效率,而银行借款由于存在软约束问题而不能有效发挥财务相机治理作用;国有控股上市公司财务治理效率更高,而管理层持股与财务治理效率呈倒U型关系。

This study verifies the relationship between capital structure and efficiency of financial governance,using the data from China＇s A-share listed companies during the period from 2007 to 2009.The study shows that debt financing can＇t constrain the opportunistic behavior of the management,but it can improve the efficiency of financial governance through debt covenant.The result also states that ownership concentration and commercial credit liabilities can help improve the efficiency of financial governance,while bank deposits can＇t play the governance role of financial management effectively due to its presence of soft constraints.State-owned listed companies＇ financial governance was more efficient than others;meanwhile,the relationship between managerial ownership and financial governance efficiency was the inverted U-shape.