企业生命周期、产权性质与债务代理成本——诠释多种替代效应

发布时间：2018-03-14 20:45

本文选题：企业生命周期　切入点：债务代理成本　出处：《财会通讯》2017年33期 　论文类型：期刊论文

【摘要】：企业不同生命周期下投资机会存在差异,形成债务代理成本,侵占了债权人利益。本文选取1990-2014年上市公司数据为样本,探寻我国上市公司异质产权和异质行业下企业生命周期对债务代理成本的效应差异。研究表明:企业处于成长期时其债务代理成本较少,处于成熟期时,债务代理成本逐渐增加,当处于衰退期时,债务代理成本最高;国有企业中生命周期对债务代理成本的效应不明显,国有产权效应替代了企业生命周期效应,导致企业生命周期边界模糊化;制造业、交通运输、信息技术业等行业的企业生命周期效应替代了行业效应,而在社会服务业和综合类等行业中行业效应占据主导性,掩盖了企业生命周期效应。本文明晰了企业生命周期对债务代理成本的效应差异,诠释多重替代效应,利于认识企业不同发展阶段下的投资机会差异以及对债权人的保护。
[Abstract]:There are differences in investment opportunities in different life cycles of enterprises, resulting in debt agency costs, which encroach on the interests of creditors. This paper selects the data of listed companies from 1990 to 2014 as a sample. This paper explores the differences in the effects of heterogeneous property rights and heterogeneous industries on debt agency costs in China's listed companies. The research shows that the debt agency costs of enterprises are less when they are in the growing period and when they are in the mature period. The cost of debt agency increases gradually, and when it is in recession, the cost of debt agency is the highest, the effect of life cycle on debt agency cost is not obvious in state-owned enterprises, and the effect of state-owned property right replaces the life cycle effect of enterprise. The enterprise life cycle effect in manufacturing, transportation, information technology and other industries has replaced the industry effect, while in the social service industry and the comprehensive industry, the industry effect has dominated. This paper clarifies the difference of the effect of enterprise life cycle on debt agency cost and interprets the multiple substitution effect, which is helpful to understand the difference of investment opportunities and the protection of creditors in different stages of enterprise development.
【作者单位】：重庆交通大学经济与管理学院;
【基金】：国家自然科学基金一般项目“宏观经济政策、公司治理对企业创新的影响研究”(项目编号:71372029) 重庆市社会科学规划项目“经济周期、行业与企业生命周期联动下的债务融资决策研究”(项目编号:2015BS022) 2016年重庆市教育委员会人文社科重点研究基地项目“经济新常态下融资模式创新驱动重庆市产业发展的路径研究”(项目编号:16SKJD19) 重庆交通大学2015年高层次人才科研启动项目以及2016年校会计学术创新团队项目的阶段性研究成果
【分类号】：F275;F832.51

【相似文献】