交通运输行业债务融资治理效应研究

　　摘要

　　融资结构与公司治理息息相关，作为企业融资方式的重要组成部分，负债融资对公司治理产生重要的影响。西方对于负债融资公司的治理效应已有相对成熟和广泛的研究，但由于目前我国尚不完善的市场环境，负债融资对公司治理的意义并未得到应有的关注。本文以我国沪深两市A股市场上市的交通运输企业为研究样本，通过实证分析，探讨样本公司的负债融资是否影响公司治理以及如何影响公司治理。

　　本文对交通运输行业上市公司的负债融资公司治理效应进行比较全面的理论分析与实证研究。首先，从代理成本理论、激励理论、不对称信息理论、控制权理论和利益相关者理论角度分析了负债融资的公司治理效应。其次，结合实际分析我国交通运输行业上市公司负债融资治理效应。我国交通运输行业所处的经济体制背景使得由西方理论中提炼出的债务融资治理效应不能照搬来解释我国情况。这些背景包括：破产机制不完善，经理人员股权激励不足，债权人监督不力以及企业债券市场发展滞后等。

　　故本文结合我国交通运输行业实际情况，对西方债务融资治理效应进行调整，提出三个假设，即HI:短期债务与经理人谋求私利造成的代理成本正相关；H2:低项目风险企业的负债比例与投资规模呈负相关关系；高项目风险企业的负债比例与投资规模之间的负相关程度应明显小于低项目风险企业，甚至呈正相关关系；H3:公司绩效与债务比率呈负相关关系。实证检验结果表明：一、短期债务与追求个人私利相关的代理成本正相关，与西方文献中的负债代理成本效应相悖，原因在于我国债权主体监督不力、破产机制不完善、经理人员股权激励不足等。二、高项目风险企业的资产替代效应更加明显，这与我国的宏观经济环境有关。三、负债比率与公司绩效负相关，与信号传递效应不符，绩效优良的公司负债比率高，这是由于我国交通运输行业上市公司的预算软约束以及我国特殊的金融体制背景。

　　根据前文分析发现的问题，本文提出以下建议：发展企业债券市场；形成完善的银行监控机制；进一步优化公司治理结构；完善中国上市公司的破产机制；建立良好的信用环境。

　　关键词：交通运输行业上市公司；负债融资；公司治理

　　ABSTRACT

　　The choice of financing structure influences interest and behavior of related partiesin a company directly, while corporate governance is set to solve the relationship ofthese parties. So financing structure is closely related with corporate governance. Asdebt financing is one of the important financing ways, lenders of the company becomeone important party correspondingly who influence the corporate governance.

　　Presently, the research on the corporate governance effect of debt financing abroad hasbeen mature and widespread, but in our country, as the market is not well developed,debt financing and its ratio in financing structure do not attract enough attention andperfect corporate governance structure cannot be constructed. This paper usesamples. So this paper carries out a research on the corporate governance effect of debtfinancing in the traffic industry companies, which listed on A type stocks traded in SHExchange and SZ ExchangeThe thesis makes a thorough theoretical and empirical study on the corporategovernance effect of debt financing. To be concrete,firstly, on the basis of theories offinancing structure and corporate governance, the corporate governance effect of debtfinancing is extracted. Then the theories include of Agency Cost Theory, IncentiveTheory, Asymmetric Information Theory, Power of Control Theory and StakeholderTheory. Secondly, the thesis analysis the debt financing governance effect of the trafficindustry companies combined with the actual situation. The economic systembackground of transportation industry makes western theory of debt financinggovernance cannot be copied. The concrete background is the imperfect mechanism ofbankruptcy、the lack of Managerial equity incentive、the weakness Supervision of thecreditors and the backward corporate bond markets.

　　Then considering the reality of Chinese traffic industry corporations, threehypotheses have been given by modifying the corporate governance effect of debtfinancing partly. The first hypotheses is that the short-term debt has positive correlationwith the proxy cost,the second hypotheses is the negative correlation between the debtratio and the scale of investment in high project risk firms should be significantlysmaller than the low project risk firms, the third hypotheses is the debt ratio hasnegative correlation with the corporate performance. By checking the hypothesis withthe data from the traffic industry companies > some conclusions have been drawn. Itshows that the short-term debt has positive correlation with the proxy cost, which isnot consistent with the western literature. The reason is the weakness Supervision of thecreditors, the imperfect mechanism of bankruptcy and the lack of Managerial equityincentive. In high project risk firms> the asset substitute effect is obvious, which isrelated to the macroeconomic environment of our country. And debt ratio has negativecorrelation with the corporate performance, which is not consistent with the signaleffect. This is due to the soft budget constraint of Chinese traffic industry corporations.

　　Based on the previous analysis of the problems, this paper makes somesuggestions. The suggestions include: developing the enterprise bond market,especially enriching the variety of enterprise bond, optimizing the structure ofcorporate governance, improving the bankruptcy system, and building up a goodcredit environment.

　　KEYWORDS: the transport industries listed companies, debt financing, corporategovernance
 

　　目录

　　摘要

　　ABSTRACT

　　1 引言

　　1.1研究背景及意义

　　1. 2本文的研究方法及创新

　　1.2.1研究方法

　　1.2.2研究创新

　　1.3本文的框架结构

　　2文献综述

　　2.1国外文献综述

　　2.2国内文献综述

　　2.3文献综述小结及启示

　　3理论综述

　　3.1公司治理

　　3.2负债融资

　　3.3负债融资治理效应分析

　　3. 3. 1基于代理成本理论的负债融资治理效应分析

　　3.3.2基于激励理论的负债融资公司治理效应分析

　　3. 3. 3基于不对称信息理论的负债融资治理效应分析

　　3. 3. 4基于控制权理论的负债融资治理效应分析

　　3.3. 5基于利益相关者理论的负债融资治理效应分析

　　4我国交通运输行业上市公司分析

　　4.1交通运输业概况

　　4.1.1交通运输行业特点

　　4. 1.2交通运输业的地位和作用

　　4. 1. 3交通运输业的上市公司

　　4. 2交通运输业企业负债结构分析

　　4. 2.1我国交通运输业上市公司偏好股权融资

　　4. 2. 2我国交通运输行业上市公司资产负债率较低

　　4. 2. 3我国交通运输行业上市公司负债结构不合理

　　4.3交通运输行业企业治理结构分析

　　4. 3. 1交通运输行业上市公司股权结构现状

　　4. 3. 2中国交通运输行业上市公司董事会结构现状

　　4.3. 3中国交通运输行业上市公司经理层激励现状

　　5实证分析

　　5.1研究设计

　　5.1. 1研究假设

　　5. 1.2样本选取

　　5.1. 3 变量设置

　　5.1.4回归分析模型

　　5.2数据描述性统计

　　5. 3 实证结果探析

　　5.4稳健性检验

　　6结论、建议及展望

　　6.1研究结论

　　6. 2相关政策建议

　　6.2. 1发展企业债券市场

　　6. 2. 2形成完善的银行监控机制

　　6. 2. 3进一步优化公司治理结构

　　6. 2.4完善中国上市公司的破产机制

　　6.2.5建立良好的信用环境

　　6.3研究局限与展望

　　参考文献