摘要
文章利用2011-2015年上市公司500强的面板数据,经验地检验了所有权结构对公司银行借款与债券融资选择的影响。研究发现实际控制人控制权与现金流权之差对债券融资具有显著正的影响,在高信息透明度、存在除实际控制人外大股东监督以及国有控股的情况下,弱化了两权分离度对债券融资偏好的影响。结果表明拥有公司控制权的实际控制人受到侵占效应等因素激励,更愿意选择债券这种契约型债务融资,而不是银行借款,从而规避银行监督。
This paper examines the relationship between a borrowing firm's ownership structure and its choice of debt source based on the panel data of Chinese listed companies from 2011 to 2015. We find that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant positive impact on the firm's reliance on public debt financing,but good information disclosure,stated owned and existing multiple large shareholders will weaken the relationship. Our results indicate that the firm controlled by large shareholders with excess control rights may choose public debt financing over bank debt as a way of avoiding bank monitoring.
出处
《安徽行政学院学报》
2018年第1期51-58,共8页
Journal of Anhui Academy of Governance
基金
重庆市社会科学规划项目"内部治理视角下重庆市企业自主创新能力评价及提升研究"(2016ybgl)
关键词
所有权结构
两权分离度
银行借款
公开债券
ownership structure
control-ownership divergence
bank debt
public debt
