异质性视角下公司债务契约的治理效应研究

发布时间：2018-03-04 13:52

本文选题：异质性　切入点：债务契约　出处：《大连理工大学学报(社会科学版)》2017年02期 　论文类型：期刊论文

【摘要】：随着我国债券市场的迅速发展和银行业改革的不断推进,债务契约在公司治理中的作用愈发突显。文章综合考虑了我国上市公司债务契约的来源异质性和期限异质性,分析了其对公司绩效和代理成本的影响,以及股权集中度对这些影响的调节作用,得到如下结论:关系型债务有助于提升公司绩效、降低代理成本,交易型债务则相反;长期债务对公司绩效有负向影响,短期债务对公司绩效有正向影响,但两者均有助于降低代理成本;随着股权集中度水平的上升,关系型债务的治理效果增强,交易型债务对公司绩效的负向影响减弱,长期债务对公司财务绩效的负向影响减弱,短期债务对公司绩效的正向影响减弱,对代理成本的负向影响增强。
[Abstract]:With the rapid development of China's bond market and the continuous promotion of banking reform, the role of debt contract in corporate governance becomes more and more prominent. This paper comprehensively considers the heterogeneity of source and maturity of debt contract of listed companies in China. This paper analyzes its influence on corporate performance and agency cost, and the moderating effect of equity concentration on these effects, and draws the following conclusions: relational debt helps to improve corporate performance and reduce agency cost, while transactional debt is opposite; Long-term debt has a negative impact on corporate performance, short-term debt has a positive impact on corporate performance, but both of them help to reduce agency costs. The negative impact of transactional debt on corporate performance, long-term debt on corporate financial performance is weakened, short-term debt on corporate performance is weakened, and the negative impact on agency costs is enhanced.
【作者单位】：大连理工大学管理与经济学部;中国大连国际合作(集团)股份有限公司;
【基金】：国家自然科学基金项目:“基于企业异质性的汇率变动对中国制造业企业出口行为传递效应研究”(71403037)
【分类号】：F275;F271

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