本文關(guān)鍵詞：我國上市公司債務(wù)期限結(jié)構(gòu)對(duì)代理成本影響的研究　出處：《山西財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 債務(wù)期限結(jié)構(gòu) 代理成本 股權(quán)代理成本 債務(wù)代理成本

【摘要】：債務(wù)期限結(jié)構(gòu)與公司治理有著密切的聯(lián)系，而代理成本是公司治理的主要對(duì)象之一，因此債務(wù)期限結(jié)構(gòu)對(duì)代理成本有著重要的影響。隨著我國宏觀經(jīng)濟(jì)和微觀企業(yè)的高速發(fā)展，國內(nèi)相關(guān)學(xué)者對(duì)債務(wù)期限結(jié)構(gòu)對(duì)代理成本影響的研究也日益增多，，但大多數(shù)學(xué)者都側(cè)重于對(duì)股權(quán)代理成本進(jìn)行分析研究，而對(duì)債務(wù)代理成本的相關(guān)研究未予以應(yīng)有的關(guān)注。本文將站在代理成本的角度對(duì)債務(wù)期限結(jié)構(gòu)的影響進(jìn)行一個(gè)全方位的分析探討。 本文首先對(duì)國內(nèi)外關(guān)于債務(wù)期限結(jié)構(gòu)及代理成本的相關(guān)研究文獻(xiàn)進(jìn)行了回顧。認(rèn)為成熟市場經(jīng)濟(jì)國家對(duì)這一問題的研究，無論是理論還是實(shí)證都很完備，而我國的相關(guān)研究才開始逐步受到重視，并且大部分文獻(xiàn)屬于對(duì)國外經(jīng)典理論進(jìn)行經(jīng)驗(yàn)檢驗(yàn)。 其次本文在對(duì)代理成本理論和信號(hào)傳遞理論分析的基礎(chǔ)上，研究了債務(wù)期限結(jié)構(gòu)對(duì)代理成本的影響機(jī)制。債務(wù)期限結(jié)構(gòu)主要通過對(duì)投資不足、資產(chǎn)替代、投資過度及相關(guān)信號(hào)等方面來影響代理成本。進(jìn)而得出結(jié)論：短期負(fù)債與各種代理成本負(fù)相關(guān)，而長期負(fù)債與各種代理成本正相關(guān)。 再次，本文通過對(duì)我國滬深兩市上市公司2007、2008、2009三年相關(guān)數(shù)據(jù)進(jìn)行實(shí)證研究，在對(duì)公司債務(wù)期限結(jié)構(gòu)和各種代理成本進(jìn)行線性回歸分析后得出以下結(jié)論：短期負(fù)債對(duì)股權(quán)代理成本具有一定的抑制作用，但作用有限；而長期負(fù)債對(duì)股權(quán)代理成本沒有顯著的影響；短期負(fù)債對(duì)債務(wù)代理成本具有一定的抑制作用，但同樣作用有限；長期負(fù)債對(duì)債務(wù)代理成本有一定影響作用。 最后通過分析產(chǎn)生上述結(jié)論的原因，本文有針對(duì)性的提出以下幾點(diǎn)政策建議：積極發(fā)展壯大我國公司債券市場；不斷完善我國上市公司的治理結(jié)構(gòu)；弱化負(fù)債預(yù)算軟約束，強(qiáng)化負(fù)債預(yù)算硬約束；不斷完善我國上市公司破產(chǎn)制度。
[Abstract]:Debt maturity structure is closely related to corporate governance, and agency cost is one of the main objects of corporate governance. Therefore, debt maturity structure has an important impact on agency cost. With the rapid development of macro-economy and micro-enterprises in China, the research on the influence of debt maturity structure on agency cost is increasing day by day. However, most scholars focus on the analysis of equity agency costs. However, the research on debt agency cost has not been paid enough attention to. This paper, from the perspective of agency cost, will make a comprehensive analysis and discussion on the influence of debt maturity structure. Firstly, this paper reviews the domestic and foreign literatures on debt maturity structure and agency cost. It is considered that the research on this issue in mature market economy countries is both theoretical and empirical. However, the relevant research in our country has been paid more and more attention, and most of the literature is an empirical test of the foreign classical theory. Secondly, based on the analysis of agency cost theory and signaling theory, this paper studies the influence mechanism of debt maturity structure on agency cost. It is concluded that short-term liabilities are negatively correlated with agency costs, while long-term liabilities are positively correlated with agency costs. Thirdly, this paper makes an empirical study on the relevant data of Shanghai and Shenzhen listed companies in 2007 / 2008 / 2009. After linear regression analysis of debt maturity structure and agency cost, the following conclusions are drawn: Short-term debt has a certain restraining effect on equity agency cost, but its effect is limited; The long-term debt has no significant effect on the cost of equity agency; Short-term debt has a certain restraining effect on debt agency cost, but the same effect is limited; Long-term liabilities have a certain impact on debt agency costs. Finally, through the analysis of the reasons for the above conclusions, this paper puts forward the following policy recommendations: actively develop and strengthen our corporate bond market; To improve the governance structure of listed companies in China; Weakening the soft constraint of debt budget and strengthening the hard constraint of debt budget; We will continue to improve the bankruptcy system of listed companies in China.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前9條

1 陳耿,周軍;企業(yè)債務(wù)融資結(jié)構(gòu)研究——一個(gè)基于代理成本的理論分析[J];財(cái)經(jīng)研究;2004年02期

2 王志芳;油曉峰;;我國上市公司債務(wù)代理成本的實(shí)證分析[J];財(cái)政研究;2009年07期

3 馬君潞;周軍;李澤廣;;雙重代理成本與債務(wù)治理機(jī)制的有效性——來自我國上市公司的證據(jù)(1998-2006)[J];當(dāng)代經(jīng)濟(jì)科學(xué);2008年03期

4 陸正飛;韓霞;常琦;;公司長期負(fù)債與投資行為關(guān)系研究——基于中國上市公司的實(shí)證分析[J];管理世界;2006年01期

5 陳建勇;王東靜;張景青;;公司債務(wù)期限結(jié)構(gòu)與投資效率[J];數(shù)量經(jīng)濟(jì)技術(shù)經(jīng)濟(jì)研究;2009年04期

6 肖作平;;債務(wù)期限和資本結(jié)構(gòu)的聯(lián)合影響因素:一個(gè)結(jié)構(gòu)方程模型[J];數(shù)理統(tǒng)計(jì)與管理;2007年03期

7 肖坤;劉永澤;;債務(wù)結(jié)構(gòu)對(duì)股權(quán)代理成本的影響——來自中國上市公司的經(jīng)驗(yàn)證據(jù)[J];山西大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2010年04期

8 袁衛(wèi)秋;;債務(wù)期限結(jié)構(gòu)的權(quán)衡思想的實(shí)證檢驗(yàn)[J];商業(yè)經(jīng)濟(jì)與管理;2006年02期

9 胡愛軍;熊正德;謝赤;;債務(wù)期限結(jié)構(gòu)影響因素分析及實(shí)證檢驗(yàn)[J];統(tǒng)計(jì)與決策;2006年12期

本文編號(hào)：1395756