我国上市公司债务期限结构对代理成本影响的研究

发布时间：2018-01-08 05:13

本文关键词：我国上市公司债务期限结构对代理成本影响的研究　出处：《山西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：债务期限结构与公司治理有着密切的联系，而代理成本是公司治理的主要对象之一，因此债务期限结构对代理成本有着重要的影响。随着我国宏观经济和微观企业的高速发展，国内相关学者对债务期限结构对代理成本影响的研究也日益增多，，但大多数学者都侧重于对股权代理成本进行分析研究，而对债务代理成本的相关研究未予以应有的关注。本文将站在代理成本的角度对债务期限结构的影响进行一个全方位的分析探讨。本文首先对国内外关于债务期限结构及代理成本的相关研究文献进行了回顾。认为成熟市场经济国家对这一问题的研究，无论是理论还是实证都很完备，而我国的相关研究才开始逐步受到重视，并且大部分文献属于对国外经典理论进行经验检验。其次本文在对代理成本理论和信号传递理论分析的基础上，研究了债务期限结构对代理成本的影响机制。债务期限结构主要通过对投资不足、资产替代、投资过度及相关信号等方面来影响代理成本。进而得出结论：短期负债与各种代理成本负相关，而长期负债与各种代理成本正相关。再次，本文通过对我国沪深两市上市公司2007、2008、2009三年相关数据进行实证研究，在对公司债务期限结构和各种代理成本进行线性回归分析后得出以下结论：短期负债对股权代理成本具有一定的抑制作用，但作用有限；而长期负债对股权代理成本没有显著的影响；短期负债对债务代理成本具有一定的抑制作用，但同样作用有限；长期负债对债务代理成本有一定影响作用。最后通过分析产生上述结论的原因，本文有针对性的提出以下几点政策建议：积极发展壮大我国公司债券市场；不断完善我国上市公司的治理结构；弱化负债预算软约束，强化负债预算硬约束；不断完善我国上市公司破产制度。
[Abstract]:Debt maturity structure is closely related to corporate governance, and agency cost is one of the main objects of corporate governance. Therefore, debt maturity structure has an important impact on agency cost. With the rapid development of macro-economy and micro-enterprises in China, the research on the influence of debt maturity structure on agency cost is increasing day by day. However, most scholars focus on the analysis of equity agency costs. However, the research on debt agency cost has not been paid enough attention to. This paper, from the perspective of agency cost, will make a comprehensive analysis and discussion on the influence of debt maturity structure. Firstly, this paper reviews the domestic and foreign literatures on debt maturity structure and agency cost. It is considered that the research on this issue in mature market economy countries is both theoretical and empirical. However, the relevant research in our country has been paid more and more attention, and most of the literature is an empirical test of the foreign classical theory. Secondly, based on the analysis of agency cost theory and signaling theory, this paper studies the influence mechanism of debt maturity structure on agency cost. It is concluded that short-term liabilities are negatively correlated with agency costs, while long-term liabilities are positively correlated with agency costs. Thirdly, this paper makes an empirical study on the relevant data of Shanghai and Shenzhen listed companies in 2007 / 2008 / 2009. After linear regression analysis of debt maturity structure and agency cost, the following conclusions are drawn: Short-term debt has a certain restraining effect on equity agency cost, but its effect is limited; The long-term debt has no significant effect on the cost of equity agency; Short-term debt has a certain restraining effect on debt agency cost, but the same effect is limited; Long-term liabilities have a certain impact on debt agency costs. Finally, through the analysis of the reasons for the above conclusions, this paper puts forward the following policy recommendations: actively develop and strengthen our corporate bond market; To improve the governance structure of listed companies in China; Weakening the soft constraint of debt budget and strengthening the hard constraint of debt budget; We will continue to improve the bankruptcy system of listed companies in China.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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