Study on the Effects of Financing Structure on Governance Performance of Listed Companies

摘要：

Oriented by governance target,the governance appraising index is constructed.Then the effects of financing structure on governance performance are analyzed from both the short-term and the longterm perspectives by structural equation model.The empirical results indicate that the rise in debt has larger direct negative impact on the short-term governance performance than the indirect positive impact via optimizing ownership structure.However,from the long-term perspective,the financing structure has only indirect positive impact on the long-term governance performance.The highly-concentrated ownership structure is the main cause of low governance efficiency.The increase in equity lowers the ownership concentration,and thus improves long-term governance efficiency.

关键词： Financing structure Governance performance Ownership structure Governance target

作者: Yan Yang Shou Chen

作者单位: School of Accounting,Hunan University,Changsha 410079,Hunan,China School of Business Administration,Hunan University,Changsha 410082,Hunan,China

会议类型: 国际会议

会议名称: The 2008 International Conference on Business Intelligence and Financial Engineering(BIFE 2008)(商业智能和金融工程国际会议)

会议地点: 长沙

会议语种:英文

页码: 302-309

在线出版日期: 2008-10-28（万方平台首次上网日期，不代表论文的发表时间）