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文章以我国制造业上市公司为研究样本,采用2003～2005年的平行数据,通过因子分析方法构建公司综合绩效指标,并建立多元线性回归模型对债权治理效应进行实证分析。通过实证,证明负债结构对治理表现出无效性。因此,文章指出应当采取深化国有银行的公司化改造,加快发展企业债券市场等措施提高上市公司债权融资的治理效率。
Taking the manufacturing listed companies of our country as a sample, the article uses the parallel data from 2003 to 2005, constructs the company comprehensive performance index through the factor analysis method, and establishes the multiple linear regression model to carry on the empirical analysis to the creditor’s rights governance effect. Empirical evidence shows that debt structure is ineffective in governance. Therefore, the article points out that measures should be taken to deepen the corporatization of state-owned banks, speed up the development of corporate bond market and other measures to improve the governance efficiency of listed companies’ debt financing.