摘要
通过建立资本结构和公司绩效的通径模型,研究以股东﹑董事﹑债权人﹑经营者为参与人的各种治理机制之间的关系,分析公司内部治理机制与外部债权治理机制及其相互作用对公司绩效的影响。结果表明:一方面,负债融资的治理效应主要是负面的;另一方面,虽然第一大股东持股比例和独立董事比例等内部治理机制与外部债权治理机制发生相互作用,但并没有对管理层机会主义行为形成有效制约,导致内外部综合治理效应也是负面的。因此,要想有效发挥企业债权治理的作用,不能仅从外部债权治理入手,还应将内部治理机制与外部债权治理有效结合起来。
By establishing the Path model on capital structure and firm performance, and analyzing the relationship between difference governance mechanisms, the paper mainly studies the internal governance mechanism and external creditor governance mechanism, especially their interactive effect on corporate performance. The empirical result shows that, on one hand, debt financing can inhabit corporate performance and express the negative corporate governance effect;on the other hand, other corporate governance mechanisms also take less significance in lessening this negative effect. Therefore, we effectively play the role of enterprise governance of creditor＇s rights, not only from the external debt management, also should be the internal governance mechanisms and external governance of creditor＇s rights effectively combine.
出处
《经济与管理》
CSSCI
2012年第11期60-63,70,共5页
Economy and Management
关键词
负债融资
资本结构
公司绩效
通径模型
Debt financing
Capital structure
Firm performance
Path model
