上市公司债务融资与公司治理-金融学专业论文.docxVIP

AbstractMM Abstract MM model brou曲t forward by Modi幽a11i and Miller indicates mat di岱糊t style of fin趾cing isn’t relative to firnl value in perfect capital market．But d1Je to也e仃ansactiOn cost itl actual market，t11e hypomesis premise isn’t accordant、Ⅳim the f如t and f-maIlcillg decision-makin2 couldn’t be irrelative to fi肌vaJue．D曲t finaIlciIlg decision-mal【ing influellces finn value and tlle allocation emciellcy of social resourccs．The target of this article is to launch research on debt govemance emcieIlcy of listcd c0埘【panies丘om agellt cost，infonnation asyIIlllle仃yaIld product_markct competmon an百髓by哪讪g modcrn microeconomics tlleory such as info珊ation economics， principal—ag既lt th。0ry and non_perfbct con妇ct meory aIld co耐biIling b勰ic knowledge of丘I]衄cc，manageme鸲 polmcal eoonomics aIld 1aw姐d using melllOds sudh as posmve analysis，nonnal analysis and comparison analysis，and discuss the systans of reliziIlg也e debt星rova_nance role．The maill 、，ie、vpoiIlts of are 勰 follows： FiIlaIlcing s伽lctIlre h勰 a symbiotic aIld 删mlal_reacIion wim co叩orate govemance；hlcre嬲ing the proportion of debt financing is tlle maill way to reduce ageIlt cost of equity fhlan咖g conl期肚，tllrou曲reasona：ble arrangeIn％t of d曲t矗nandng con汀acts，ag％t cost of del)t矗nan血g con妇cts is reduced and total agent cost of finallcing cor血acts is also reduccd；we find that tlle listed cornpanics iIl cbina don’t mitigate the 1】Ild*锄d ov*mes缸neIlt by finaIlciIlg policyaIld is contrary t0 peddng order theory；The choice Of me proponion of debt fin肌ciIlg needs tr甜e offbetw嘲l tlle prodllct-market co加lpetition龇ld financial leverage effb吒iIldustries iIl wIlich the de黟∞of competition is lower 1lavc llighcr propomon of debt胁cing，觚d indlls仃ies ill讹ch the degree ofcompetition is lli曲er have low丘naIlcial leverage policy bv锄lVsis，tlle characteristic of丘nancial le、，craPre ofnsted co如【paIlies ill china con虹adicts me a：bove meory：le窖m protection of debk：e is the basic膂如Irantee to raise debt群yv锁n缸m emciency of hsted compaIli铝．The eff