当前位置:主页 > 管理论文 > 信贷论文 >

市场化程度、公司治理与债务期限结构研究

发布时间:2018-01-16 18:11

  本文关键词:市场化程度、公司治理与债务期限结构研究 出处:《北京交通大学》2013年硕士论文 论文类型:学位论文


  更多相关文章: 债务期限结构 公司治理 市场化程度 代理问题


【摘要】:我国上市公司债务以流动负债为主,而流动负债又主要来源于短期银行借款和商业信用,债务期限与资产期限不匹配,普遍存在短期借款长期化的现象。而作为我国公司债务资金的主要提供者,银行提供资金的意愿和期限长度很大程度上取决于政企之间的关系。同时,公司治理水平较低的公司很可能采用较多的短期债务,以抑制管理层的机会主义行为。因此,本文选取2007至2011年我国A股上市公司为研究样本,考察了市场化程度、公司综合治理水平对债务期限结构选择的影响,并同时考虑市场化程度对公司治理与债务期限结构的影响。 国内外现有关于公司治理与债务期限结构关系的研究,都是从公司治理的单一机制出发,且没有结合我国特有的制度背景。事实上,公司在做出债务融资决策以及投资者做出相关投资决策时,考虑的都是整体层面的公司治理水平,而不是考虑某一方面的治理机制是否发挥作用。因此,结合我国的制度背景,研究公司综合治理水平对债务期限结构选择的影响具有理论和现实意义。本文理论分析认为,市场化程度较低的省份,政府干预程度较高,政企关联现象较严重,而银行更愿意为这些具有政治背景的公司提供长期债务资金。而市场化程度较高的省份对借款标准的要求更加严格,公司有着更短的债务期限;而且较高的投资者保护水平和发达的金融市场,为公司提供了长期权益资金和其他长期融资方式和种类,从而减少对长期借款的依赖。另一方面,公司治理水平较高时,管理层受到有效监督,公司较少需要利用短期债务来抑制管理层的机会主义行为,因此选择的债务期限可能更长。同时,投资者也更愿意为公司治理水平高的上市公司提供长期的债务资金。 本文实证研究发现:(1)市场化程度越低,公司倾向使用更高的债务期限结构水平。(2)公司综合治理水平越高,公司倾向使用更高的债务期限。(3)市场化程度越低,公司治理水平提升债务期限的效应越大。(4)公司股权集中度较高时倾向于选用更短的债务期限来保护债权人的利益,而较高的股权制衡度会减少对短期债务的使用。本文构建了衡量公司内部治理水平的综合变量,研究其与债务期限的关系;同时考虑市场化程度对公司治理与债务期限之间关系的影响,丰富了现有的研究视角和研究成果,使得研究结论更能体现我国的实际情况。 本文研究公司治理水平与债务期限结构之间的相关关系,有助于为完善公司治理机制优化公司债务期限结构提供实证证据。而关于市场化程度与债务期限结构的研究,有利于政策制定者掌握宏观环境对公司债务期限选择的影响,从而推动债务融资的规范化进程以及公司外部融资环境的优化。
[Abstract]:The current liabilities of listed companies in China are mainly current liabilities, which are mainly derived from short-term bank loans and commercial credit, and the maturity of debt and the maturity of assets do not match. As the main provider of corporate debt funds in China, the willingness and maturity of banks to provide funds depend to a large extent on the relationship between government and enterprises. Companies with low corporate governance level are likely to use more short-term debt to restrain the opportunistic behavior of management. Therefore, this paper selects China A-share listed companies from 2007 to 2011 as the research sample. The influence of marketization and the level of comprehensive corporate governance on the choice of debt maturity structure is investigated. At the same time, the influence of marketization on corporate governance and debt maturity structure is considered. The existing research on the relationship between corporate governance and debt maturity structure at home and abroad is based on the single mechanism of corporate governance and has not combined with the unique institutional background of China. In fact. When the company makes the debt financing decision and the investor makes the related investment decision, the overall level of corporate governance is considered, not whether the governance mechanism in a certain aspect plays a role. Combined with the institutional background of our country, it is of theoretical and practical significance to study the influence of the level of comprehensive corporate governance on the choice of debt maturity structure. Government intervention is high, government and business linkages are more serious, and banks are more willing to fund long-term debt for these politically connected companies. Provinces with a higher degree of marketization require stricter borrowing standards. Companies have shorter debt maturities; And the high level of investor protection and developed financial markets provide long-term equity funds and other long-term financing methods and types, thus reducing the dependence on long-term borrowing. On the other hand. When the level of corporate governance is high, the management is subject to effective supervision, the company less need to use short-term debt to restrain the opportunistic behavior of management, so the debt period may be longer. At the same time. Investors are also more willing to provide long-term debt funds to listed companies with high corporate governance. The empirical study shows that the lower the degree of marketization, the higher the level of corporate governance. Companies tend to use higher debt maturities.) the lower the degree of marketization. The greater the effect of raising debt maturity in corporate governance level is, the higher the concentration of equity is, the shorter debt maturity is preferred to protect the interests of creditors. Higher equity checks and balances will reduce the use of short-term debt. This paper constructs a comprehensive variable to measure the level of corporate governance and studies its relationship with debt maturity; At the same time, considering the influence of marketization degree on the relationship between corporate governance and debt maturity, it enriches the existing research perspective and research results, and makes the research conclusions more representative of the actual situation in China. This paper studies the correlation between corporate governance level and debt maturity structure. It is helpful to provide empirical evidence for perfecting corporate governance mechanism and optimizing corporate debt maturity structure. And the research on marketization degree and debt maturity structure. It is helpful for policy makers to grasp the influence of macro environment on the choice of corporate debt maturity, thus promoting the standardization of debt financing and the optimization of external financing environment.
【学位授予单位】:北京交通大学
【学位级别】:硕士
【学位授予年份】:2013
【分类号】:F275;F271;F832.51

【参考文献】

相关期刊论文 前10条

1 肖作平;;公司治理影响债务期限结构类型吗?——来自中国上市公司的经验证据[J];管理工程学报;2010年01期

2 齐寅峰;王曼舒;黄福广;李莉;李翔;李胜楠;何青;古志辉;向冠春;;中国企业投融资行为研究——基于问卷调查结果的分析[J];管理世界;2005年03期

3 肖作平;廖理;;大股东、债权人保护和公司债务期限结构选择——来自中国上市公司的经验证据[J];管理世界;2007年10期

4 周孝坤;;上市公司债务期限结构影响因素实证研究[J];上海金融;2006年11期

5 杨胜刚;梅雪松;何靖;;管理者持股与公司债务期限结构——来自中国上市公司的经验证据[J];山西财经大学学报;2007年10期

6 武晓玲;翟琦;;公司治理结构对债务期限结构影响的实证研究[J];山西财经大学学报;2011年11期

7 雷森,李传昭,李奔波;我国上市公司债务期限结构实证分析[J];统计与决策;2005年06期

8 胡爱军;熊正德;谢赤;;债务期限结构影响因素分析及实证检验[J];统计与决策;2006年12期

9 程书强;许存兴;;我国上市公司股权结构与债务期限结构关系分析[J];西安交通大学学报(社会科学版);2011年04期

10 何靖;;上市公司股权集中度、制衡度与债务期限结构选择[J];浙江工商大学学报;2010年02期



本文编号:1434227

资料下载
论文发表

本文链接:https://www.wllwen.com/guanlilunwen/bankxd/1434227.html


Copyright(c)文论论文网All Rights Reserved | 网站地图 |

版权申明:资料由用户66533***提供,本站仅收录摘要或目录,作者需要删除请E-mail邮箱bigeng88@qq.com