工业技术经济
工業技術經濟
공업기술경제
Industrial Technology & Economy
2015年
2期
3~14
,共null页
债务融资水平 避税效应 公司治理 债务融资期限结构 绩效 汽车制造业
債務融資水平 避稅效應 公司治理 債務融資期限結構 績效 汽車製造業
채무융자수평 피세효응 공사치리 채무융자기한결구 적효 기차제조업
the level of corporate debt financing; tax effect; corporate governance; maturity structure of debt financing; perfor-mance; the automotive industry
债务融资作为企业资本结构核心组成部分对公司绩效产生重要影响。债务融资避税效应、消减代理成本效应、信息传递作用、利润形成效应等，成为企业负债融资与企业绩效之间关系总体上表现为互为正向影响的主要理论依据。基于委托代理理论的分析认为短期负债更有利于监督经理人行为从而提升企业绩效。作为我国高成长汽车制造产业代表，汽车制造业上市公司融资结构表现为债务融资水平较高。实证检验结果与基于西方债务融资理论判断相左，我国汽车制造业上市公司债务融资水平与公司绩效呈现显著负向影响，期限结构对绩效影响不显著。我国汽车制造业企业债务融资水平过高从而使债务融资边际要素成本大于边际要素收益、国企背景限制债务融资对经理人监督约束效果、信息失真及传递渠道多元化消弱债务融资信息传递压力效果及债务期限结构失衡，成为上述检验结果的解释依据。降低债务融资总水平、提高长期债务融资比重、推动企业债券市场改革、完善资本市场，是可供选择的策略。
債務融資作為企業資本結構覈心組成部分對公司績效產生重要影響。債務融資避稅效應、消減代理成本效應、信息傳遞作用、利潤形成效應等，成為企業負債融資與企業績效之間關繫總體上錶現為互為正嚮影響的主要理論依據。基于委託代理理論的分析認為短期負債更有利于鑑督經理人行為從而提升企業績效。作為我國高成長汽車製造產業代錶，汽車製造業上市公司融資結構錶現為債務融資水平較高。實證檢驗結果與基于西方債務融資理論判斷相左，我國汽車製造業上市公司債務融資水平與公司績效呈現顯著負嚮影響，期限結構對績效影響不顯著。我國汽車製造業企業債務融資水平過高從而使債務融資邊際要素成本大于邊際要素收益、國企揹景限製債務融資對經理人鑑督約束效果、信息失真及傳遞渠道多元化消弱債務融資信息傳遞壓力效果及債務期限結構失衡，成為上述檢驗結果的解釋依據。降低債務融資總水平、提高長期債務融資比重、推動企業債券市場改革、完善資本市場，是可供選擇的策略。
채무융자작위기업자본결구핵심조성부분대공사적효산생중요영향。채무융자피세효응、소감대리성본효응、신식전체작용、리윤형성효응등，성위기업부채융자여기업적효지간관계총체상표현위호위정향영향적주요이론의거。기우위탁대리이론적분석인위단기부채경유리우감독경리인행위종이제승기업적효。작위아국고성장기차제조산업대표，기차제조업상시공사융자결구표현위채무융자수평교고。실증검험결과여기우서방채무융자이론판단상좌，아국기차제조업상시공사채무융자수평여공사적효정현현저부향영향，기한결구대적효영향불현저。아국기차제조업기업채무융자수평과고종이사채무융자변제요소성본대우변제요소수익、국기배경한제채무융자대경리인감독약속효과、신식실진급전체거도다원화소약채무융자신식전체압력효과급채무기한결구실형，성위상술검험결과적해석의거。강저채무융자총수평、제고장기채무융자비중、추동기업채권시장개혁、완선자본시장，시가공선택적책략。
Debt financing as the core of the capital structure has major impacts on corporate performance. The tax effects of debt fi- nancing, effects on reducing agency costs, the role of information transmission, the effect of increasing profits of the business under the conditions of high - growth markets in China, ete, are the main theoretical basis of overall positive correlation between corporate debt fi- nancing and business performance. Principal- agent theory point of view is that short- term habilities ought to be more conducive to en- hance business performance for the role of monitoring managers＇ behavior. As representatives of China＇s high - gro~la automobile mannfac- tufing industry, the financing structure of listed companies in the automotive industry shows a high level of debt financing. Positive test re- suits are inconsistent with the judgments based on western theory of debt financing, and the level of debt financing of China＇s hsted compa- nies in the automotive industry shows a significant negative impact on finn performance, and term struct~e has no significant effect on per- formance. The marginal factor costs greater than the marginal factor return of debt financing for high level of debt financing, incentive con- straint effect subject to state - owned enterprise system, information distortion and transmission channels reducing pressure effect of informa- tion, imbalance in the maturity structure of debt, and all of the above form the basis of interpretation for the test results. Reducing the overall level of debt financing, increasing the proportion of long - term debt financing, promoting the reform of corporate bond market and the formation of perfect capital markets, are strategies to choose.
