经济问题
經濟問題
경제문제
ECONOMIC PROBLEMS
2014年
4期
75-80,129
,共7页
内部治理%股权集中度%经理人激励%内部控制%债务治理效应
內部治理%股權集中度%經理人激勵%內部控製%債務治理效應
내부치리%고권집중도%경리인격려%내부공제%채무치리효응
internal governance%internal contorl%ownership concentration%managers ’ incentive%corporate governance effects of debts
以我国A股上市公司为研究样本，通过构建多元回归模型来考察债务融资的治理效应。实证结果表明，目前我国上市公司的债务治理效应遭到严重扭曲，债务融资不能很好地发挥激励约束作用；在内部治理的各因素中，最终控制人性质、股权集中度、经理人激励程度对债务治理效应的发挥有显著的影响，董事会独立性与勤勉程度、监事会监督力度对债务治理效应发挥的影响不显著；内部控制对债务治理效应发挥的作用非常有限。根据研究结论，提出了强化我国上市公司债务治理效应的一些建议。
以我國A股上市公司為研究樣本，通過構建多元迴歸模型來攷察債務融資的治理效應。實證結果錶明，目前我國上市公司的債務治理效應遭到嚴重扭麯，債務融資不能很好地髮揮激勵約束作用；在內部治理的各因素中，最終控製人性質、股權集中度、經理人激勵程度對債務治理效應的髮揮有顯著的影響，董事會獨立性與勤勉程度、鑑事會鑑督力度對債務治理效應髮揮的影響不顯著；內部控製對債務治理效應髮揮的作用非常有限。根據研究結論，提齣瞭彊化我國上市公司債務治理效應的一些建議。
이아국A고상시공사위연구양본，통과구건다원회귀모형래고찰채무융자적치리효응。실증결과표명，목전아국상시공사적채무치리효응조도엄중뉴곡，채무융자불능흔호지발휘격려약속작용；재내부치리적각인소중，최종공제인성질、고권집중도、경리인격려정도대채무치리효응적발휘유현저적영향，동사회독립성여근면정도、감사회감독력도대채무치리효응발휘적영향불현저；내부공제대채무치리효응발휘적작용비상유한。근거연구결론，제출료강화아국상시공사채무치리효응적일사건의。
This paper builds some multiple regression models to research the corporate governance effects of debts by using Chinese listed companies ’ empirical data.The empirical results show that corporate governance effects of debts are severely distorted.In addition, among different corporate internal governance factors , the char-acter of rulers , ownership concentration and managers ’ incentive have a significant influence to the corporate gov-ernance effects of debts , but the independance and diligence of board of directors have a limited influence.Be-sides, internal contorl only has a limitde influence to the effects.According to the empirical results , this paper gives some suggestions to enhance the corporate governance effects of debts.
