中国上市公司负债融资治理效应研究.pdfVIP

25 1 ( ) Vol. 25, No . 1 2 0 1 1 1 Journal of H unan University( Social Sciences) Jan. 2 0 1 1 * 戴 钰 ( , 41007 ) [ ] 基于2000~ 2008 年我国上市公司的数据实证研究负债融资公司治理和企业绩效之间的 系研 究结果表明: 负债融资与代理成本呈反方向变动, 短期负债融资对代理成本产生显著的负向作用, 而长期负债融资 的系数未通过显著性检验, 对代理成本并没有负向的效应; 负债融资比率对企业绩效是正相 的, 同时短期负债的 增加会提高企业的绩效, 而长期负债的增加会降低企业的绩效 [ ] 上市公司; 负债融资; 公司治理; 资本结构; 代理成本 [ ] F270. 5 [ ] A [ ] 1008 17 3( 2011) 01 0057 0 An Empirical Analysis on the Relationship between Debt Financing and Corporate Governance in Chinas Listed Companies DA I Yu ( School of Arts and Law, Changsha University of Technology, Changsha 41007 , China) Abstract: T his paper conducts empirical research on the relationship among debt financing, corporate governance and corporate performance, based on the data from 2000 to 2008 from listed companies in Chi na. The results show that: debt financing and agency costs w as in the opposite direction of change and shortterm debt financing to the agency costs have a significant negative effect. The coefficiency for long- term financing did not pass the significance test. There is no negative effect on the agency costs. Debt ratio and firms performance are positively correlated. While the increase in shortterm liabilities w ill increase the companys performance, the increase in long- term debt w ill reduce the companys performance. Key words: listed company; debt financing; corporate governance; capital structure; agency costs , , , , Berle Means