债务融资论文：公司债务融资与公司绩效研究.docVIP

债务融资论文：公司债务融资与公司绩效研究 【中文摘要】随着我国经济越来越开放和国内外竞争越来越激烈,公司治理问题日益重要。从很长时期歧视中走出的中国民营经济,为了在不完善的经济金融体制中求得生存和发展,正在不断探索和调整自身的内部治理机制。民营公司融资难问题一直是广大学者和官员关心和研究的热点问题之一。改善内外部治理机制以促进中国民营经济的更快、更好发展。本文以2005-2008年在沪深上市的中国民营公司为研究样本,利用面板数据模型实证分析了外部金融生态、公司政府密切度、一致控制性与公司债务融资水平的关系。研究发现,外部金融生态环境发展越好,公司债务水平越高;公司与政府的密切度越高,公司就越容易进行债务融资,相应债务水平就越高;终极控制权和直接控制权一致的公司,流动负债水平显著偏高,但总的负债水平差别并不显著。在模型中引入交叉项后,我们发现相较于金融生态较差地区,公司的政治背景在金融生态较好地区对负债水平的影响较弱,改善金融生态可以降低公司政府密切度对公司负债水平的影响。另外,本文还利用相关数据,实证分析了公司债务水平、外部金融生态环境、公司政府密切度、董事会结构以及股权结构等内外部治理机制对公司价值的影响。研究发现政府债务水平与公司价值正相关。独立董事制度和股权激励机制在我国民营上市公司中的公司治理效应并不显著。董事长兼任总经理还会对公司价值产生负面的影响。 【英文摘要】With the rapid development of Chinese economy and growing domestic and international competition, corporate governance has received more and more attention. In order to survive and develop in the imperfect economic and financial system, the Chinese private economy which had been discriminated against for a long time, is exploring and adjusting its internal governance constantly. Difficulty of private companies in financing is one of hot researches concerned on by most scholars and officials. Improve internal and external governance mechanisms to promote private economy faster and better.On the basis of individual-controlled listed companies during 2005-2008, this paper using panel data model investigates the effects of financial ecological environment, political connection and the same control on corporate debt levels. We find that the better financial ecological environment, the higher the level of corporate debt; more close with the government , more easily the company take debt financing, corresponding higher debt levels; companies of ultimate control and direct control are the same, current liabilities were significantly higher, but the overall level of debt is not significant difference. After taking the cross term into the model, we find that compared with the individual-controlled listed companies in the area where the financial ecological environment is relatively bad, the