摘要
构成公司内部治理结构的公司最终所有者、最高决策者以及直接经营者,其各自行为必然会影响到公司的信用风险。本文以我国147家上市公司为样本对上述问题进行了实证研究。结论表明:信用风险高的公司,管理费用比例也较高,其法人持股比例和高管持股比例往往较低,股权集中度对公司信用风险无显著影响,国有股的"公共性"较明显,股权制衡、独立董事和第一大股东未能有效发挥其应有的作用。
As the member of internal governance structure, the ultimate owners of companies, the highest decision-makers as well as direct operators, their behavior bound to put impact on the company's credit risk. On this consideration, in this paper, we will use descriptive statistical analysis, correlation analysis and regression analysis on a sample of 147 listed companies. Evidences show that: the higher credit risk, the higher proportion of management fees, but the percentage of corporate ownership and executive shareholding ratio is often lower; the ownership concentration degree had no significant effect with credit risk, state-owned shares tend to 'public ' more obviously; the equity balance degree, independent directors and the largest shareholders play their due roles not so effectively.
出处
《财会通讯（下）》
2012年第7期76-79,129,共4页
Communication of Finance and Accounting
关键词
信用风险
股权结构
董事会结构
代理问题
Credit risk
Ownership structure
Board structure
Agency problems
