本文選題：企業(yè)生命周期　切入點：債務(wù)代理成本　出處：《財會通訊》2017年33期 　論文類型：期刊論文

【摘要】：企業(yè)不同生命周期下投資機會存在差異,形成債務(wù)代理成本,侵占了債權(quán)人利益。本文選取1990-2014年上市公司數(shù)據(jù)為樣本,探尋我國上市公司異質(zhì)產(chǎn)權(quán)和異質(zhì)行業(yè)下企業(yè)生命周期對債務(wù)代理成本的效應(yīng)差異。研究表明:企業(yè)處于成長期時其債務(wù)代理成本較少,處于成熟期時,債務(wù)代理成本逐漸增加,當(dāng)處于衰退期時,債務(wù)代理成本最高;國有企業(yè)中生命周期對債務(wù)代理成本的效應(yīng)不明顯,國有產(chǎn)權(quán)效應(yīng)替代了企業(yè)生命周期效應(yīng),導(dǎo)致企業(yè)生命周期邊界模糊化;制造業(yè)、交通運輸、信息技術(shù)業(yè)等行業(yè)的企業(yè)生命周期效應(yīng)替代了行業(yè)效應(yīng),而在社會服務(wù)業(yè)和綜合類等行業(yè)中行業(yè)效應(yīng)占據(jù)主導(dǎo)性,掩蓋了企業(yè)生命周期效應(yīng)。本文明晰了企業(yè)生命周期對債務(wù)代理成本的效應(yīng)差異,詮釋多重替代效應(yīng),利于認識企業(yè)不同發(fā)展階段下的投資機會差異以及對債權(quán)人的保護。
[Abstract]:There are differences in investment opportunities in different life cycles of enterprises, resulting in debt agency costs, which encroach on the interests of creditors. This paper selects the data of listed companies from 1990 to 2014 as a sample. This paper explores the differences in the effects of heterogeneous property rights and heterogeneous industries on debt agency costs in China's listed companies. The research shows that the debt agency costs of enterprises are less when they are in the growing period and when they are in the mature period. The cost of debt agency increases gradually, and when it is in recession, the cost of debt agency is the highest, the effect of life cycle on debt agency cost is not obvious in state-owned enterprises, and the effect of state-owned property right replaces the life cycle effect of enterprise. The enterprise life cycle effect in manufacturing, transportation, information technology and other industries has replaced the industry effect, while in the social service industry and the comprehensive industry, the industry effect has dominated. This paper clarifies the difference of the effect of enterprise life cycle on debt agency cost and interprets the multiple substitution effect, which is helpful to understand the difference of investment opportunities and the protection of creditors in different stages of enterprise development.
【作者單位】： 重慶交通大學(xué)經(jīng)濟與管理學(xué)院;
【基金】：國家自然科學(xué)基金一般項目“宏觀經(jīng)濟政策、公司治理對企業(yè)創(chuàng)新的影響研究”(項目編號:71372029) 重慶市社會科學(xué)規(guī)劃項目“經(jīng)濟周期、行業(yè)與企業(yè)生命周期聯(lián)動下的債務(wù)融資決策研究”(項目編號:2015BS022) 2016年重慶市教育委員會人文社科重點研究基地項目“經(jīng)濟新常態(tài)下融資模式創(chuàng)新驅(qū)動重慶市產(chǎn)業(yè)發(fā)展的路徑研究”(項目編號:16SKJD19) 重慶交通大學(xué)2015年高層次人才科研啟動項目以及2016年校會計學(xué)術(shù)創(chuàng)新團隊項目的階段性研究成果
【分類號】：F275;F832.51

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本文編號：1612818