我国上市公司债务融资的治理效应研究

发布时间：2018-01-26 20:37

本文关键词： 上市公司债务融资公司治理治理效应　出处：《西安电子科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：资本结构是公司治理的基础，而债务融资又是资本结构的一个重要构成方面，因而对债务融资进行研究，对于完善公司治理，提高公司绩效有着重大的意义。从1958年MM理论的首次提出，到如今一系列关于企业资本结构的成熟理论体系的形成，经济学家们一直在努力寻求融资结构与企业价值、公司绩效的关系，其结果如：代理成本理论、融资优序理论、信号传递理论和控制权理论等，这些理论不仅从侧面推动了债务融资研究的发展，同时也表明债务融资对于降低代理成本，改善公司治理，提高公司绩效有着不可忽视的作用。债务融资的重要性越来越被广大经济学者和企业主体所重视。本文回顾了国外经典的资本结构理论，尤其是基于不对称信息下的新资本结构理论，在代理成本理论、融资优序理论、信号传递理论和控制权理论的基础上提炼债务融资作用于公司治理机制对企业价值最大化的贡献，梳理成较为系统的债务融资的治理理论，明确债务融资在理论上积极的治理效应。并根据我国上市公司债务融资的治理效应的现状进行了分析，揭示了我国较低的资产负债率和不平衡的债务内部结构及其债务融资的治理效应的影响因素，为我国上市公司债务融资治理效应的可能弱化性埋下伏笔。更为信服的验证是选取我国沪深两市A股上市公司2008—2010年的财务数据为研究对象，进行我国债务融资的公司治理效应的实证分析，通过观测数据所得到的回归结果显示，我国的债务融资，无论是从存量上入手还是从期限结构上分析，都与代表企业综合治理绩效的指标形成了显著的负相关关系，说明我国上市公司并不能通过适度举债的各方面效应提高企业绩效和治理水平，这与国外债务融资公司治理的积极效应形成强烈反差，再现了我国上市公司债务融资治理弱化的事实。针对于此，我们在特殊的金融体制和具体的国情下重审了我国上市公司债务融资治理效应弱化的原因，，并由此提出了后续的相关政策，期望通过一些建议推动我国上市公司债务融资回归其高效治理的轨道。
[Abstract]:Capital structure is the foundation of corporate governance, and debt financing is an important component of capital structure. It is of great significance to improve corporate performance. From 1958 MM theory was first put forward to the formation of a series of mature theory system about enterprise capital structure. Economists have been trying to find out the relationship between financing structure and firm value, corporate performance, such as agency cost theory, financing priority theory, signal transmission theory and control theory and so on. These theories not only promote the development of debt financing research, but also show that debt financing can reduce agency costs and improve corporate governance. The importance of debt financing has been paid more and more attention to by economists and enterprises. This paper reviews the classical foreign capital structure theory, especially the new capital structure theory based on asymmetric information, the agency cost theory and the financing priority theory. On the basis of signal transfer theory and control theory, we refine the contribution of debt financing to corporate value maximization, and form a more systematic governance theory of debt financing. This paper clarifies the positive governance effect of debt financing in theory and analyzes the current situation of the governance effect of debt financing of listed companies in China. This paper reveals the low asset-liability ratio, the unbalanced internal structure of debt and the influencing factors of the governance effect of debt financing, which lays the groundwork for the possible weakening of the governance effect of debt financing of listed companies in China. The more convincing verification is to select the financial data of China's A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2010 as the research object to carry on the empirical analysis of the corporate governance effect of debt financing in China. The regression results obtained from the observed data show that the debt financing in China is analyzed either from the stock level or from the term structure. Both of them have a significant negative correlation with the indicators representing the performance of comprehensive governance of enterprises, indicating that the listed companies in China can not improve the performance and governance level of enterprises through various aspects of appropriate debt raising effects. This contrasts strongly with the positive effect of foreign debt financing corporate governance, which reproduces the fact that debt financing governance of listed companies in China is weakened. Under the special financial system and the specific national conditions, we re-examine the reasons for the weakening of the governance effect of debt financing of listed companies in China, and then put forward the related policies. Some suggestions are expected to promote the debt financing of listed companies to return to the track of efficient governance.
【学位授予单位】：西安电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6

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