终极所有权丶制度环境与上市公司债务融资——基于控股股东决策视角的研究.docVIP

终极所有权丶制度环境与上市公司债务融资——基于控股股东决策视角的研究 ??终极所有权、制度环境与上市公司债务融资——基于控股股东决策视角的研究?112俞红海 徐龙炳 陈百助（1.上海财经大学金融学院，200433；2.美国南加州大学马歇尔商学院，90089） Ultimate Ownership, Institutions and Listed Companies’ Debt Financing -Based on the Perspective of Controlling Shareholder’s Decision-making 112Yu Honghai Xu Longbing Chen Baizhu(1.School of Finance, Shanghai University of Finance and Economics, Shanghai, 200433, China; 2.Marshall School of Business, University of Southern California, Los Angeles, 90089, USA) Abstract: Based on the research of institutions and debt, this paper further considers the effect of ultimate ownership to study the debt financing problem. In the theoretical part, for the first time, this paper studies debt from the perspective of controlling shareholder’s decision making, and finds out that in the environment with fixed interest rate, the poor legal protection and the existence of controlling shareholder result to the companies’ over-debt financing, and the government interference further strengthens this action, while the cash flow right of controlling shareholder could constrain it. In the emprical part, this paper finds out that with the improvement of legal environment and decreasing of government interference, over-debt financing especially over long-term debt financing decreases signficiantly, and the controlling shareholder’s cash flow right has negative significant relationship with over-debt financing, which provide evidences for theoretical predictions, and also provide evidences for controlling shareholder’s expropriation. Key Words: Debt; Ultimate ownership; Legal protection; Government interference; Soft budget constraint; JEL classification: G31; G34; G38 作者简介 俞红海，男，浙江嘉兴人，2002年毕业于浙江工业大学，获管理学学士学位，2006年毕业于南京财经大学，获经济学（金融）硕士学位。2006年9月起在上海财经大学金融学院攻读金融学博士学位，其中2007年10月-2008年11月，美国南加州大学马歇尔商学院访问学者。 徐龙炳，男，江苏丹徒人，金融学博士后，上海财经大学金融学院教授，博士生导师。1984年、1989年毕业于南京师范大学数学系，获理学学士、硕士学位，2000年毕业于上海财经大学金融学院，获金融学博士学位，2002年8月博士后出站。2007年度教育部新世纪优秀人才支持计划获得者。现为上海财经大学财经研究所副所长。