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20世纪50年代,Modigliani和Miller探讨了完美市场下债务对公司价值的影响,此后国外学术界不断就公司债务融资与公司价值进行探讨,并将债务融资与代理理论结合起来,探讨了债务融资的公司治理作用。而我国对债务融资的治理作用的研究还不充分,债务融资的公司治理效应在我国还未充分发挥。本文拟围绕债务融资与代理理论,对国内外探讨债务融资治理作用的相关文献进行回顾。并在此基础上,提出对现有文献的评述。
In the 1950s, Modigliani and Miller explored the impact of debt on the value of a firm in a perfect market. Since then, scholars in foreign countries have been discussing debt financing and corporate value continuously. Combining debt financing with agency theory, Corporate governance role. However, the research on the governance role of debt financing in our country is still not sufficient. The corporate governance effect of debt financing has not been brought into full play in our country. This article will focus on debt financing and agency theory, reviewing the relevant literature on the role of debt financing at home and abroad. And on this basis, put forward the comments on the existing literature.