An Empirical Study on Relationship Between Governance Mechanism of Debt Financing and Corporate Comprehensive Performance
The relationship between corporate governance mechanism of debt financing and corporate comprehensive performance has been studied in this paper based on the financial data of 1110 listed companies. Effects of four approaches of debt financing mechanism working on corporate performance have also been analyzed thoroughly. It has been found out that,in most of the listed companies of China, functions of debt financing mechanisms are worsening. Among all of these four approaches,controller benefits incentive mechanism and restrictive mechanism of free cash flow can help promote comprehensive performance by successfully inspiring shareholders motivation to take part in corporate governance on one hand and restricting the possibility of managers abusing free cash flow on the other. However,financial leverages worsening and the failure of information transmission mechanism have weakened the positive effect of debt governance mechanism towards corporate comprehensive performance on the whole.
Debt governance mechanism Debt financing Comprehensive performance
YUE Lijun CHEN Zhijun CUI Fang
School of Business, Shandong Jianzhu University, China, 250101 School of Management, Shandong University, China, 250100 China National Investment& Guaranty CO., LTD, China, 100084
国际会议
The Sixth International Symposium on Corporate Governance(第六届公司治理国际研讨会)
大连
英文
440-446
2011-08-20（万方平台首次上网日期，不代表论文的发表时间）