上市公司債務(wù)融資的影響因素及其治理效應(yīng)的研究.pdf

1、上海交通大學(xué)碩士學(xué)位論文上市公司債務(wù)融資的影響因素及其治理效應(yīng)的研究姓名：方琴申請學(xué)位級別：碩士專業(yè)：會計(jì)學(xué)指導(dǎo)教師：彭娟20100120THE FACTORS OF DEBT FINANCING AND ITS EFFECT ON CORPORATE GOVERNANCE OF THE LISTED COMPANY IN CHINA ABSTRACT Relying on the theory in the capital str

2、ucture and corporate governance theory, this article analyses the factors of debt financing and its effects on corporate governance of the listed companies in China. The paper is consisted by six chapters, the first c

3、hapter is devoted to research background and research significance as well as the related literature review. Chapter II analyses the impact of debt financing factors, including internal and external factors. And inter

4、nal factors are measured by specific targets. Chapter III theoretically analyses debt financing effects on corporate governance. By comparing China's debt financing status with developed countries, It is pointed o

5、ut that China's debt financing existing problems. In Chapter IV, debt financing will be divided into different types for empirically analyzing the various debt financing is positively relevant with internal factors

6、. It is found that asset size, asset structure and growth with a variety of debt financing at the different levels; The company's profit and debt financing are negatively relevant; And the correlation between equi

7、ty structure and debt financing is not significant. Chapter Ⅴ focuses on empirical analysis of the effects of the asset-liability ratio, long-term debt ratio, short-term debt ratio and liabilities financing rate on th

8、e value of the company targets, Tobin's Q value. By descriptive statistics and regression, the results show that the rate of assets and liabilities and short-term debt ratio have a slight negative correlation with

9、 Tobin's Q value, and there is a positive correlation between the long-term debt ratio and Tobin's Q value. In the final of this article, the sixth chapter, some advices about how to develop China's debt fi

10、nancing market and improve the efficiency of debt financing on corporate governance in listed companies have been raised. The creative point, the lack of this paper and the future research direction are all put forwar