中国民营上市公司债务融资的治理效应研究.docVIP

摘要 根据资本结构和公司治理理论，债务融资可以有效的改善公司治理效率。本文首先引述和分析了西方资本结构理论和公司治理理论。在理论分析基础上得出，债务融资改善公司治理效率的机制在于：债务融资的激励和约束功能、债务融资的“相机控制”功能以及债务融资的信号效应。接着本文比较分析了两种典型有债权人参与公司治理的方式：以市场为基础的欧美模式和以银行为主导的日德模式。这两种模式的存在都有其历史原因和客观依据，但并无优劣之分。结合这两种西方治理模式，本文分析了中国民营上市公司的债务融资结构和公司治理现状，指出由于企业债务结构的不合理，公司治理效率未得到根本改善。此外,本文还以中国民营上市公司的财务数据为对象进行实证分析，实证结果表明债务融资的治理效应在我国民营上市公司并未得到体现。文章最后指出了债务融资治理效应失效的原因，从而提出了要改善债务融资治理效应，就要做好以下几个方面的工作：大力发展企业债券市场；深化国有商业银行的股份制改革,打造独立的债权主体；完善偿债保障制度；积极推进相关配套环境设施建设。 关键词：民营上市公司 债务融资 公司治理 Abstract According to capital structure theory and corporate governance theory, debt financing can effectively improve efficiency of corporate governance. This paper first quotes and analyzes the Western capital structure theory and corporate governance theory. In the basis of these analysis, The mechanisms of improving the efficiency of corporate governance by debt financing lie in: debt financing incentive and restraint function, the debt financing contingent control function and debt financing signal effect. Then this paper comparative analyze two typical kind of models having the creditor participating in corporate governance: the capital market-based finance model and the bank intermediation-based finance model. The existence of these two models has its historical reasons and objective basis, Compared with these two model, This paper analyzes Chinas private listed companys debt financing structure and the corporate governance situation, we get that the corporate debt structure is unreasonable and the company management efficiency has not been fundamentally improved. In addition, this paper also analyzes the companys financial data and the result is: the effect of debt financing on corporate governance in Chinas private listed company have not been existed. From all above the paper ends with the reasons of the debt financing governance failure and the suggestions: develops enterprise bond market. Deepens the reform of the state-owned commercial bank, Improves safeguard system of debt pays off