企业生命周期、产权性质与债务代理成本——诠释多种替代效应

Enterprise Life Cycle, Property Rights and Debt Agency Cost

企业不同生命周期下投资机会存在差异,形成债务代理成本,侵占了债权人利益。本文选取1990-2014年上市公司数据为样本,探寻我国上市公司异质产权和异质行业下企业生命周期对债务代理成本的效应差异。研究表明:企业处于成长期时其债务代理成本较少,处于成熟期时,债务代理成本逐渐增加,当处于衰退期时,债务代理成本最高;国有企业中生命周期对债务代理成本的效应不明显,国有产权效应替代了企业生命周期效应,导致企业生命周期边界模糊化;制造业、交通运输、信息技术业等行业的企业生命周期效应替代了行业效应,而在社会服务业和综合类等行业中行业效应占据主导性,掩盖了企业生命周期效应。本文明晰了企业生命周期对债务代理成本的效应差异,诠释多重替代效应,利于认识企业不同发展阶段下的投资机会差异以及对债权人的保护。

Investment opportunity is different when Enterprises are under different life cycle.Debt agency cost exists and invades the interests of creditors.This paper explores the heterogeneity effect of enterprise life cycle on debt agency cost of listed companies in China.it finds some concludes from 1990 to 2014 data:Cost of debt agency is less when the firm is in growth period,and the cost of debt agency increases gradually when it is in maturity.When the recession period,the cost of debt agency is the highest,and the life cycle effect of agency cost of state is not obvious,the state-owned property effect replaces the enterprise life cycle effect,leading to the fuzzy boundary of enterprise life cycle;life cycle effect replaces industry effect in manufacturing,transportation,information technology industry.This paper clarifies the difference of the effect of the enterprise life cycle on the cost of debt agency,and explains the multiple substitution effect.it is helpful to understand the difference of investment opportunities and the protection of creditors under different development stages.