导　　师： 刘人怀

学科专业： 120202

授予学位： 博士

作　　者： ;

机构地区： 暨南大学

摘　　要： 融资结构是公司治理的基础。本文从债权融资的角度,对公司治理问题进行了探讨。文献综述表明,公司治理的演进与发展、融资结构理论、交易成本理论、委托代理理论、不完全契约理论等理论均阐明债权融资可以在公司治理中发挥重要作用。理论分析表明,债权融资可以显著降低代理成本,完善公司治理;信息反馈、市场竞争及理性预期是债权人参与公司治理的基础机制,而债务契约约束、相机治理、融资决策、价格发现、破产机制构成其主要机制。在发达市场经济国家的实践中,债权人已经参与公司治理并发挥作用,本文对国际上几种主要的债权人参与公司治理的模式进行了比较,为我国提供有益的借鉴。 针对中国的实践,本文采用我国上市公司有关数据对债权融资与公司治理问题进行实证检验,结果表明我国上市公司的债权融资与公司绩效的关系为负相关,揭示了我国上市公司债务软约束问题。由此,本文对我国债权融资与公司治理问题的历史沿革、现状及存在问题进行了分析,并提出了我国债权人参与公司治理的框架性建议:重塑银企关系和发展企业债券市场。重塑银企关系的重点在于银行业的改革和企业的改革,以及银企关系的调整。通过改革企业债券发行的审批制、促进债券利率的市场化等重要手段,推动企业债券市场的发展,则是完善企业债券融资参与公司治理机制的必然途径。 Financial structure is the base of the corporate governance. This paper discusses the corporate governance from the point of view of debt finance. Its revealed that the debt finance could work effectively in the corporate governance by the summary of the evolvement and development of the corporate governance, financing structure theory, transaction cost theory, agency theory and incomplete contract theory. In the part of theoretic analysis, this paper analyzes that debt finance could alleviate the conflict of agency, reduce the cost of agency, and so improve the effect of the corporate governance. The mechanism of the creditor participating in the corporate governance was analyzed: the information feedback, market competition and the rational expectation is the basic mechanism, and the debt contract restraint, contingent governance, financial decision, price discovery and the bankruptcy mechanism are the main mechanisms. In the developed market economies, the creditor has participated effectively into the corporate governance, and the international comparison of the main models of the creditor participating into the corporate governance was made in this paper, and some suggestions were put forward for reference. The problem of debt finance and corporate governance was empirically studied with the data of the China's listed companies from 2001 to 2003, the conclusion is that it is negative correlation between the debt ratio and the performance of the listed companies, and so the problem of the soft restriction of debt were uncovered. And then, this paper analyzes the problem and the status quo of debt finance and corporate governance in China, and some frame suggestions were put forward: reconstruction of the relationship of the bank-firm, and the development of the bond market. The key points of the reconstruction of the relationship of the bank-firm are the reform of the bank system ,the marketing reform of the enterprises, and the adjustment of relationships of the bank—firm. Through the reform of IPO of the corporate bond, and the mechanism of the interest of the bond, the development of the enterprise bond market would be pushed forward, and then the mechanism of the bond finance to the corporate governance could be improved.

关 键 词： 债权融资 公司治理 银企关系 企业债券 机制

分 类 号： [F275]

领　　域： [经济管理] [经济管理]