摘要
企业融资结构的变动决定着融资企业的控制权在股东和债权人间的分配,决定着股东和债权人对融资企业的经营者的约束和激励的强度,这必然会影响到公司治理结构,具体表现为:激励效应、信息传递效应、控制效应;这种影响是通过激励机制、监督机制、外部接管市场以及代理权竞争实现的。我国上市公司的公司治理结构的变化验证了上述结论。
The change of enterprise financing structure decides the distribution of power between shareholders and creditors of financing enterprises and the intensity that shareholders and creditors influence the top management governance of financing enterprises.It will definitely have an impact on corporate governance structure.The impact is embodied by the encouraging effect,the information transmitting effect and the controlling effect.At the same time,the impact materializes through the following channels: the encouraging mechanism,the supervising mechanism,the external controlling mechanism and the agent right competition.The corporate governance structure change of China's listed companies has confirmed the conclusions above.
出处
《中南财经政法大学学报》
CSSCI
北大核心
2006年第1期50-55,共6页
Journal of Zhongnan University of Economics and Law
