我国商业银行债权在上市公司治理中的效应

发布时间：2018-01-15 21:33

本文关键词：我国商业银行债权在上市公司治理中的效应　出处：《经济管理》2011年01期 　论文类型：期刊论文

【摘要】：本文对我国银行在上市公司发挥公司治理作用的机制和途径进行了理论和实证研究。研究结果表明,我国银行债权对上市公司的治理力度很弱。银行贷款无论期限长短,治理总体效应都为负,体现为对公司绩效的影响都是显著的负相关关系。在治理机制的途径上,无论是短期贷款还是长期贷款,与公司管理成本费用率之间都是正相关关系,长期贷款与自由现金流量之间显著负相关;这说明银行的长期债权能发挥一定的监督作用,但由于长期贷款占比少,银行债权不能有效约束经理人。公司规模与公司绩效、自由现金流和管理成本费用率之间有显著的合理相关性。
[Abstract]:This paper makes a theoretical and empirical study on the mechanisms and approaches for banks to play a corporate governance role in listed companies in China. The governance of bank creditor's rights to listed companies is very weak. The overall effect of bank loans is negative, regardless of the length of the term. Reflected in the impact on corporate performance is a significant negative correlation. In the governance mechanism, whether short-term loans or long-term loans, there is a positive correlation between the corporate management cost and expense rate. There is a significant negative correlation between long-term loans and free cash flows; This shows that the bank's long-term debt can play a supervisory role, but because of the small proportion of long-term loans, bank claims can not effectively constrain managers, corporate size and corporate performance. There is a significant and reasonable correlation between free cash flow and overhead rate.
【作者单位】：湖南大学金融与统计学院;
【基金】：教育部“新世纪优秀人才支持计划”(NCET-09-0329)
【分类号】：F832.51;F276.6
【正文快照】： 一、问题的提出资金是维系企业运行的命脉,而融资作为上市公司获取资金的手段,对上市公司的生存和发展起到至关重要的作用。现代财务理论表明,融资结构的选择非常重要,它不仅影响上市公司的市场价值,而且还影响着上市公司治理结构和公司控制权的分布状态。上市公司选择何种融

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