公司治理对企业资本结构动态调整速率的影响

发布时间：2018-03-15 08:27

本文选题：公司治理　切入点：动态资本结构　出处：《经济与管理研究》2017年08期 　论文类型：期刊论文

【摘要】：本文基于2000—2013年中国上市公司数据,通过构建反映公司治理水平的G指标,来研究公司治理水平对企业资本结构调整速率的影响,并引入产品市场竞争程度指标——布恩指数考察这一外部因素的作用效果,进而比较分析公司治理环境对企业调整资本结构速率的差异化影响。研究结果显示,公司治理水平低的企业,其资本结构调整速率相应较低;产品市场竞争愈激烈,企业资本结构调整速率愈快,这种情况在公司治理水平低的企业中体现得更为明显;对于不同负债类型的企业,公司治理水平低的企业资本结构调整速率均低于公司治理水平高的企业,但是原因却不尽相同。这一研究对现实中企业改善公司治理水平,利用债务这一有效工具缓解股东与经理人之间的矛盾,制定融资决策、优化企业资本结构以及提高企业绩效具有重要的指导意义。
[Abstract]:Based on the data of Chinese listed companies from 2000 to 2013, this paper studies the influence of corporate governance on the rate of capital structure adjustment by constructing G index which reflects the level of corporate governance. The paper also introduces the index of product market competition-Boone index to investigate the effect of this external factor, and then compares and analyzes the differential influence of corporate governance environment on the rate of corporate capital structure adjustment. The lower the level of corporate governance, the lower the rate of capital structure adjustment, the more fierce the competition in the product market, the faster the rate of capital structure adjustment, which is more obvious in the enterprises with low corporate governance level. For the enterprises with different debt types, the rate of capital structure adjustment of the enterprises with low corporate governance level is lower than that of the enterprises with high corporate governance level, but the reasons are different. It is of great significance to use debt as an effective tool to alleviate the contradiction between shareholders and managers, to make financing decisions, to optimize the capital structure of enterprises and to improve the performance of enterprises.
【作者单位】：厦门大学经济学院;荷兰蒂尔堡大学经济管理学院;
【基金】：教育部哲学社会科学研究重大课题攻关项目“要素成本上升背景下我国外贸中长期发展趋势研究”(13JZD010);教育部人文社会科学重点研究基地重大项目“新形势下两岸经济融合发展的动力机制研究”(16JJD790036) 国家社会科学基金青年项目“金融生态环境与技术创新空间集聚效应的机制研究与对策建议”(15CJL052)
【分类号】：F271;F275

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