公司债券的治理特征及其检验——基于创新投入的分析

发布时间：2018-03-02 10:11

本文关键词： 公司债券银行贷款创新投入企业绩效　出处：《金融理论与实践》2017年04期 　论文类型：期刊论文

【摘要】：以发行债券的上市公司为样本,通过对比分析银行贷款和公司债券这两种负债来源对公司创新投入以及公司绩效的影响,发现虽然银行贷款与公司债券对公司创新投入都是显著负相关,而且公司债券对创新投入的影响大于银行贷款对创新投入;但是银行贷款与创新投入的交互影响对公司绩效显著负相关,而公司债券与创新投入的交互影响对公司绩效却不会产生统计意义上的影响,即银行贷款最终成为公司的不利因素,而公司债券却不会对公司产生不利影响。虽然银行贷款与公司债券都不关心公司的创新投入,但是银行贷款最终成为公司的不利因素,而公司债券却没有。因此,管理层发展公司债券是有利于公司的决策。
[Abstract]:Taking the listed companies issuing bonds as a sample, this paper analyzes the impact of bank loans and corporate bonds on innovation investment and corporate performance. It is found that although bank loans and corporate bonds have a significant negative correlation with corporate innovation investment, the impact of corporate bonds on innovation investment is greater than that of bank loans on innovation investment. However, the interaction between bank loans and innovation investment has a negative correlation with corporate performance, while the interaction between corporate bonds and innovation investment does not have a statistical impact on corporate performance. That is, bank loans eventually become a negative factor for the company, while corporate bonds do not adversely affect the company. Although bank loans and corporate bonds do not care about the innovative investment of the company, bank loans eventually become a negative factor for the company. Therefore, management development of corporate bonds is conducive to the company's decisions.
【作者单位】：江苏师范大学商学院;
【基金】：教育部人文社会科学研究规划基金项目“企业过度负债背景下机构投资者替代负债监督的机制与路径研究”(项目批准号:15YJA630043) 国家自然科学基金青年项目“产品市场竞争、政治关联与银行贷款契约”(项目批准号:71602079)的阶段性成果
【分类号】：F271;F832.51;F275

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