A Study on Creditor’s Governance Effect: Some Evidences from Chinese Enterprises

摘要：

Creditors governance means the creditors play a role to constrain agency problems of enterprises. However, many of the previous financial literature show that Chinese enterprises do not have the effect of debt governance. In this paper, agency costs, which describe how much the agency problems run, will be divided into explicit agency costs and implicit agency costs. Explicit agency costs only describe the observable and confirmed agency problems, implicit agency costs describe the observable and no-confirmed agency problems. Based on chinese samples, this paper empirically studies the effect of creditors governance of chinese enterprises. The results show debt in chinese enterprise only reduces exp lic it agency costs, and doesnt act on implic it agency costs. Instead, debt increases the agency costs on the whole, which means the effect of creditors governance of enterprise in china is negative.

关键词： creditors governance governance effect agency cost

作者: Lei Xintu Huang Min

作者单位: Institute of Accounting, Zhejiang Forestry University, Hangzhou, P.R.China, 311300

会议类型: 国际会议

会议名称: 4th International Conference on Productinnovation Management(第四届产品创新管理国际会议)

会议地点: 武汉

会议语种:英文

页码: 1219-1222

在线出版日期: 2009-08-22（万方平台首次上网日期，不代表论文的发表时间）