| 金融生态环境、公司治理与债务重组:经验证据 | |
| 谢德仁 ; 张高菊 | |
| 2010-07-15 ; 2010-07-15 | |
| 会议名称 | 中国会计学会2006年学术年会论文集（中册） ; 中国会计学会2006年学术年会 ; 2006 Academic Annual Conference of Accounting Society of China ; 中国广东广州 ; CNKI ; 中国会计学会、中国会计学会教育分会 |
| 关键词 | 金融生态环境 公司治理 债务重组 Financial Ecological Environment Corporate Governance Debt Restructuring F830 F276.6 |
| 其他题名 | Financial Ecological Environment,Corporate Governance and Debt Restructuring:Empirical Evidence |
| 中文摘要 | 本文研究金融生态环境、公司治理与债务重组的关系。本文利用2001-2004年上市公司的数据研究发现,金融生态环境越差的地区的公司显著更可能发生债务重组;与金融生态环境较差地区上市公司相比较,金融生态环境较好地区的上市公司的财务杠杆水平与债务重组之间的正相关关系更弱。本文还发现,存在机构投资者股东、独立董事比例更高和高管持股比例更高的公司显著更少可能发生债务重组,上市年龄越长的公司更可能发生债务重组。本文的发现意味着,要提高上市公司的质量,促使上市公司的财务更健康,就需要切实改善金融生态环境,进而提高金融机构等的经营独立性和信贷风险控制能力,促进公司负债发挥治理效应,这可能比其他公司治理改善措施更有效。本文的发现还意味着为提高上市公司质量,应发展机构投资者,提高董事会的独立性和适当提高经理人基于股份的激励,并改进资本市场关于IPO公司质量审核的制度安排。; We use the data of listed companies during 2001-2004 to explore the relation among financial ecological environment,corporate governance and debt restructuring. First,we document that the probability of debt restructuring is significantly negative with financial ecological environment complicated index.Second,we document that, for those listed companies locate in the area where the financial ecological environment is relatively good,the positive relation between financial leverage and the probability of debt restructuring is weaker than that of others which locate in the area where the financial ecological environment is relatively bad.We also document that the probability of debt restructuring is significantly negative with the existence of institution investors,independence of the board of directors,the percentage of shares held by top management,and company size,and significantly positive with the list age of listed companies.Our findings suggest that China should improve financial ecological environment,enhance the operating independence and the ability to control credit risk,enable company liability to work effectively as an governance mechanism, make institution investors develop more rapidly,strengthen the independence of the board of directors,adequately heighten executives' equity incentive,and improve the institutional arrangement regarding the quality review of IPO firms.; 谢德仁主持的国家自然科学基金资助项目(批准号为70472006)的阶段性研究成果 |
| 语种 | 中文 ; 中文 |
| 内容类型 | 会议论文 |
| 源URL | [http://hdl.handle.net/123456789/68294]  |
| 专题 | 清华大学 |
| 推荐引用方式 GB/T 7714 | 谢德仁,张高菊. 金融生态环境、公司治理与债务重组:经验证据[C]. 见:中国会计学会2006年学术年会论文集（中册）, 中国会计学会2006年学术年会, 2006 Academic Annual Conference of Accounting Society of China, 中国广东广州, CNKI, 中国会计学会、中国会计学会教育分会. |
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