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The Effect of Corporate Governance on Debt Financing Cost of Listed Companies

文献类型：期刊论文

作者Li Lin1,2; Dong Fangyu3; Liu Yifang4; Huang Haijun1; Wang Shouyang2
刊名JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY
出版日期2016-06-01
卷号29期号:3页码:772-788
关键词Corporate governance debt financing cost property rights
ISSN号1009-6124
DOI10.1007/s11424-016-5192-3
英文摘要In recent years, bank credit business is booming with the increasing borrowing intention of China's listed companies, and debt financing has become the major approach among listed companies' financing strategies. As a series of institutional arrangements about rights, responsibilities and benefits between different shareholders, corporate governance mechanism has a significant influence on the cost of debt financing. This paper employs variable coefficient panel data model to investigate the relationship of the listed company's debt financing costs and corporate governance mechanism in terms of structural characteristics and time series characteristics. The results show that optimizing the structure of both Board of Directors and Board of Supervisors, establishing a reasonable management incentive system and reducing the concentration of ownership properly can directly contribute to a lower company's debt financing costs. Meanwhile, property rights have an interactive influence on corporate governance from four aspects, which indirectly effect in company's debt financing costs.
资助项目National Natural Science Foundation of China[71003115] ; Collaborative Innovation Center ; Research Innovation Team Supporting Plan of the Central University of Finance and Economics
WOS研究方向Mathematics
语种英语
WOS记录号WOS:000379826000012
出版者SPRINGER HEIDELBERG
源URL[http://ir.amss.ac.cn/handle/2S8OKBNM/23213]  
专题系统科学研究所
通讯作者Liu Yifang
作者单位1.Beihang Univ, Sch Econ & Management, Beijing 100191, Peoples R China
2.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China
3.Cent Univ Finance & Econ, Sch Finance, Beijing 100081, Peoples R China
4.Cent Univ Finance & Econ, Sch Econ, Beijing 100081, Peoples R China
推荐引用方式
GB/T 7714		 Li Lin,Dong Fangyu,Liu Yifang,et al. The Effect of Corporate Governance on Debt Financing Cost of Listed Companies[J]. JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY,2016,29(3):772-788.
APA Li Lin,Dong Fangyu,Liu Yifang,Huang Haijun,&Wang Shouyang.(2016).The Effect of Corporate Governance on Debt Financing Cost of Listed Companies.JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY,29(3),772-788.
MLA Li Lin,et al."The Effect of Corporate Governance on Debt Financing Cost of Listed Companies".JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY 29.3(2016):772-788.

入库方式： OAI收割

来源：数学与系统科学研究院

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