作　　者： ; ;

机构地区： 暨南大学经济学院

出　　处： 《数量经济技术经济研究》 2009年第9期79-91,共13页

摘　　要： 本文以2001～2007年沪深两市485家制造业企业相应指标构成的平衡面板数据集为研究总样本,通过构造Dynamic Panel Data模型、应用广义矩法估计(GMM),探究债务融资对我国制造业上市公司经营绩效的影响效应。主要结论是:"负债保守型"和"负债激进型"企业之间,经营绩效存在显著差异,我国制造业公司的债权治理效应未能得到充分发挥;制造业上市公司经营绩效与债务融资比率呈近似"倒U形"关系。 This paper chooses 485 manufacturing listed companies from Shanghai and Shenzhen stock exchanges and regards corresponding balanced panel data sets as sample. The article analyzes the impact of debt financing on business performance based on dynamic panel data with first-differenced GMM estimation. Three main conclusions are ultimately obtained： Firstly, business performance exists distinct discrepancy depending on companies＇ debt financing policy is conservative or jacobinical, corporate governance effect of debt financing is restricted by some factors. Secondly, manufacturing listed companies＇ business performance changes in ＂converse-U＂ way with the debt proportion becoming higher.

关 键 词： 债务融资 公司治理 企业绩效 估计 稳健性检验

领　　域： [经济管理] [经济管理]