银行长期债权的公司治理效应——基于不同财务杠杆公司的研究

Corporate Governance Effect of Bank Long- term Loan——Based on the Distinction of Financial Leverage Among Different Companies

本文以江苏省A股上市公司为样本,区分国有上市公司和民营上市公司,对银行长期债权的公司治理效应展开实证研究,并着重研究了财务杠杆对以上治理效应的影响。研究表明无论是国有还是民营,财务杠杆过高公司的银行长期债权体现出负的公司治理效应,而对于财务杠杆适中的公司,相对国有,民营上市公司的银行长期债权公司治理效应更显著,但也只体现在对财务绩效的治理效应上,并没有长期的治理效应。

This paper aims to study on the corporate governance effect of bank long - term loan, especially on the influence of finaneial leverage on the effect above. Sampled by the listed companies of A - share in Jiangsu, studies have shown that in companies of excessively high financial leverage, the corporate governance effect of bank long - term loan is negative, whether they are private or state - owned. Among ones of moderate financial leverage, the positive effect of private ones, compared with state -owned ones, are more notable, but not chronic.