An Empirical Research on Value Effect of Corporate Governance of Debt Types

摘要：

From the perspective of corporate governance this article analyses the value effect of corporate governance of types of debt theoretically and endogeneity of debt types and value using Hausman test. Empirical study shows that the increasing of corporate bonds which curb non-strategic functions of corporate governance of operators will help to enhance corporate performance; Bank borrowings which do not use advantage of evaluation corporate information and monitoring do not supervise effectively operators of enterprises and overcome free-riding behavior of fragmentation of public debt on the debt market; Commercial credits do not able to supervise effectively over-investment and asset substitution of operators as a non-public debt. Those findings provide empirical evidence for changing imbalance of types of Chinese debt.

关键词： Debt Types Corporate Governance Endogenesis Value Effect

作者: MEI Bo

作者单位: School of Economics and Management, Chongqing Three Gorges University, China, 404000

会议类型: 国际会议

会议名称: The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)

会议地点: 天津

会议语种:英文

页码: 1299-1305

在线出版日期: 2009-09-01（万方平台首次上网日期，不代表论文的发表时间）