上市公司债务融资、公司治理与市场价值

Debt Financing,Corporate Governance and Market Valuation of Listed Companies

本文就上市公司的债务融资与公司治理、公司市场价值的关系进行了理论分析和实证检验 ,发现我国上市公司债务融资占总资产的比重不大 ;总体上债务融资具有加强公司治理、增加公司市场价值的作用 ,但是对于少数资产负债率非常高的公司 ,这种作用并不显著 ;市场对公司发行债券有积极的反应 ;同时债务融资起到了传递公司业绩的信号作用。

This paper investigates the relationship between debt financing, corporate governance and market valuation of the listed companies with theory analysis and positive test. We find the proportion of debt financing to total asset is not large. As a whole, debt financing plays an important role on corporate governance, and there is a significant relationship between debt financing and market valuation of the firm. But this relationship is not significant in those minority firms with too high debt to asset ratio. There is a positive reaction of the stock price with firm's bond issuing.