从改善融资结构看上市公司治理结构的优化

On the Improvement of Listed Companies' Governance Through Corporate Financing Structure

现代资本结构理论和成熟市场经济国家的融资实践都表明,企业融资决策的一般次序为“内部融资——债务融资——股权融资”,而我国上市公司在触资决策上明显偏好于股权融资。 事实上,债务融资除了税后效应和财务杠杆作用以外,还有降低代理成本、加强激励约束、传递积极信号等作用,可以优化上市公司治理结构。固此,应大力发展我国企业债券市场。

From the theory of capital structure and the financing practices in developed country, the arrangement of corporate financing is: interior financing -debt capital financing-equity capital financing. But Chinese listed companies have a preference for equity capital financing. In the fact, debt capital financing has many functions except financial lever. It has the effect of lowering angent cost strengthening encouraged and delivening active signal to improve corporcite govermance. So, the enterprise bonds market should be developed fast in China.