摘要
债务融资作为企业资本结构核心组成部分对公司绩效产生重要影响。债务融资避税效应、消减代理成本效应、信息传递作用、利润形成效应等,成为企业负债融资与企业绩效之间关系总体上表现为互为正向影响的主要理论依据。基于委托代理理论的分析认为短期负债更有利于监督经理人行为从而提升企业绩效。作为我国高成长汽车制造产业代表,汽车制造业上市公司融资结构表现为债务融资水平较高。实证检验结果与基于西方债务融资理论判断相左,我国汽车制造业上市公司债务融资水平与公司绩效呈现显著负向影响,期限结构对绩效影响不显著。我国汽车制造业企业债务融资水平过高从而使债务融资边际要素成本大于边际要素收益、国企背景限制债务融资对经理人监督约束效果、信息失真及传递渠道多元化消弱债务融资信息传递压力效果及债务期限结构失衡,成为上述检验结果的解释依据。降低债务融资总水平、提高长期债务融资比重、推动企业债券市场改革、完善资本市场,是可供选择的策略。
Debt financing as the core of the capital structure has major impacts on corporate performance. The tax effects of debt fi- nancing, effects on reducing agency costs, the role of information transmission, the effect of increasing profits of the business under the conditions of high - growth markets in China, ete, are the main theoretical basis of overall positive correlation between corporate debt fi- nancing and business performance. Principal- agent theory point of view is that short- term habilities ought to be more conducive to en- hance business performance for the role of monitoring managers＇ behavior. As representatives of China＇s high - gro^la automobile mannfac- tufing industry, the financing structure of listed companies in the automotive industry shows a high level of debt financing. Positive test re- suits are inconsistent with the judgments based on western theory of debt financing, and the level of debt financing of China＇s hsted compa- nies in the automotive industry shows a significant negative impact on finn performance, and term struct^e has no significant effect on per- formance. The marginal factor costs greater than the marginal factor return of debt financing for high level of debt financing, incentive con- straint effect subject to state - owned enterprise system, information distortion and transmission channels reducing pressure effect of informa- tion, imbalance in the maturity structure of debt, and all of the above form the basis of interpretation for the test results. Reducing the overall level of debt financing, increasing the proportion of long - term debt financing, promoting the reform of corporate bond market and the formation of perfect capital markets, are strategies to choose.
出处
《工业技术经济》
北大核心
2015年第2期3-14,共12页
Journal of Industrial Technological Economics
基金
国家社科基金项目(项目编号:11BJY135)前期阶段性研究成果
国家自然科学基金项目(项目批准号:71273244)
2014年度浙江省哲学社会科学规划立项重大课题"生态文明制度建设研究"子项目(项目编号:14YSXK03ZD-3YB)
浙江省重点创新团队--"生态经济研究团队"建设项目(浙委办[2012]68号文件批准)
浙江省科技计划项目(项目编号:2011F20029)
浙江省环保科研计划项目(项目编号:2011B20)
浙江省高校人文社会科学重点研究基地浙江理工大学应用经济学基地资金(课题编号:2013YJZD10)
浙江理工大学"521人才培养计划"
"浙江省151人才工程"项目资助
关键词
债务融资水平
避税效应
公司治理
债务融资期限结构
绩效
汽车制造业
the level of corporate debt financing
tax effect
corporate governance
maturity structure of debt financing
perfor-mance
the automotive industry
