法治水平、公司治理与债务期限研究

发布时间：2018-06-22 04:17

本文选题：债务期限结构 + 法治水平　；参考：《云南财经大学》2016年硕士论文

【摘要】：债务期限结构指的是长期、短期负债各自在企业负债总额中所占的比例,本文选择的是长期负债占负债总额的比例。债务期限结构的选择是债务融资最重要的财务决策之一,不适当的债务期限结构搭配会影响债务融资治理效益,会危及到企业自身的财产安全。我国正处于一个经济转轨时期,上市公司目前以短期负债为主,包含银行借款和商业借款,以至债务与资产的期限不匹配,将短期借款长期化。关于债务期限结构相关研究,大多数从公司特征、公司治理结构单一机制出发,此外少数研究基于制度环境背景出发,然而没有研究针对制度环境中某一变量进行研究。事实上,公司债务融资的决策不仅仅考虑整体层面的公司治理水平,还需要考虑外部的制度环境,然而,制度环境中法治水平与债务契约紧密联系,同时,法治水平的高低也影响着政企关联程度,从而影响债务的期限。因此,本文结合我国转轨经济时期制度背景,研究法治水平、公司治理与债务期限结构之间的关系。首先,本文主要基于委托代理理论、信号传递理论分析了法治水平与债务期限之间的相关关系以及公司治理与债务期限之间的相关关系,理论分析认为法治水平对债务期限结构之间存在正面影响,公司治理对公司债务期限结构也存在正正面影响,不同地区法治水平将会对公司治理与债务期限结构之间的关系存在一定的影响;其次,根据这些相关理论分析提出了本文的假设:法治水平与债务期限正相关,公司治理与债务期限正相关,不同法治水平对公司治理与债务期限之间关系产生影响;再次,根据研究假设建立了相应的检验模型,模型检验过程中选取2014年中、东、西部三大区域部分省份的上市公司1403个样本作为研究对象,并将研究对象法治水平均值为界限将其分为高法治水平与低法治水平两大板块,以债务期限作为因变量,法治水平、公司治理作为自变量,公司规模、资产期限、自由现金流作为控制变量,其中公司治理将独立董事、董事会会议次数、董事长兼任情况、国有股等等进行主成分分析,以综合得分作为公司治理变量。最后,得出结论:(1)法治水平与债务期限结构之间存在相关性;(2)公司治理与债务期限正相关;(3)法治水平的高低对公司治理与债务期限之间的相关关系产生了影响;并根据结论提出相关建议。本文从内部环境的公司治理和外部环境的法治水平研究其与债务期限的关系,这样既有利于内部管理,也有利于外部政策的制定,从而推动公司债务融资的规范化。
[Abstract]:Debt maturity structure refers to the proportion of long-term and short-term liabilities in the total liabilities of enterprises, and the ratio of long-term liabilities to total liabilities is chosen in this paper. The choice of debt maturity structure is one of the most important financial decisions of debt financing. Improper arrangement of debt maturity structure will affect the efficiency of debt financing governance and endanger the property safety of enterprises themselves. Our country is in an economic transition period, the listed companies are mainly short-term debt, including bank loans and commercial loans, and even debt and assets do not match the maturity of the long-term short-term loans. Most of the researches on debt maturity structure are based on the corporate characteristics and the single mechanism of corporate governance. In addition, a few studies are based on the background of institutional environment, but there is no research on a variable in the institutional environment. In fact, the decision of corporate debt financing not only considers the overall level of corporate governance, but also needs to consider the external institutional environment. However, the level of the rule of law in the institutional environment is closely related to the debt contract, at the same time, The level of rule of law also affects the relationship between government and enterprises, thus affecting the maturity of debt. Therefore, this paper studies the relationship between the level of the rule of law, corporate governance and debt maturity structure according to the institutional background of China's transition economy. Firstly, based on the principal-agent theory, the paper analyzes the correlation between the level of rule of law and debt maturity, and the correlation between corporate governance and debt maturity. The theoretical analysis shows that the level of rule of law has a positive effect on the debt maturity structure, and corporate governance has a positive impact on the debt maturity structure. The level of rule of law in different regions will have a certain impact on the relationship between corporate governance and debt maturity structure. Secondly, according to these relevant theoretical analysis, this paper proposes the hypothesis that the level of rule of law is positively related to debt maturity. Corporate governance is positively related to debt maturity, and different levels of the rule of law have an impact on the relationship between corporate governance and debt maturity. Thirdly, according to the research assumptions, the corresponding test model is established. There are 1403 samples of listed companies in three major provinces in the west of China. The average value of the rule of law is divided into two parts: high level of rule of law and low level of rule of law, with debt maturity as dependent variable and level of rule of law. Corporate governance as an independent variable, company size, asset maturity, free cash flow as control variables, in which corporate governance analyses the principal components of independent directors, the number of board meetings, the concurrent appointment of the chairman, the state-owned shares, and so on. Take the comprehensive score as the corporate governance variable. Finally, it concludes that: (1) there is correlation between the level of rule of law and debt maturity structure; (2) corporate governance is positively related to debt maturity; (3) the level of rule of law has an impact on the correlation between corporate governance and debt maturity. According to the conclusion, some suggestions are put forward. This paper studies the relationship between corporate governance of internal environment and legal level of external environment, which is conducive to both internal management and the formulation of external policies, thus promoting the standardization of corporate debt financing.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D927;F275;F271

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