经营性负债、代理成本与公司价值

Operating Liabilities,Agency Cost and Firm Value

以我国上市公司2001-2010年的数据为样本,实证分析经营性负债对代理成本和公司价值的影响。研究结果表明,经营性负债能够有效抑制经理人对股东的代理成本,提升公司价值。进一步研究发现,外部来源的经营性负债和内部来源的经营性负债在抑制代理成本和提升公司价值方面没有显著差异。这一研究结论丰富了债权人治理的相关理论,并对现实中企业债务结构安排具有启示意义。

Based on the data of Chinese listed firms from 2001 to 2010, this paper analyses the im- pact of operating liabilities on agency cost and firm value. The results show that operating liabil- ities can restrain agency cost and improve firm value. Further, we find that there is no significant difference of the impact on agency cost and firm value between external sources of operating lia- bilities and internal sources of operating liabilities. Our study not only enriches the theory of credi- tor governance but also inspires the firm decision of debt structure.