KMS Of Academy of mathematics and systems sciences, CAS
| The Effect of Corporate Governance on Debt Financing Cost of Listed Companies | |
Li Lin1,2; Dong Fangyu3; Liu Yifang4; Huang Haijun1; Wang Shouyang2
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| 2016-06-01 | |
| Source Publication | JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY
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| ISSN | 1009-6124 |
| Volume | 29Issue:3Pages:772-788 |
| Abstract | 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. |
| Keyword | Corporate governance debt financing cost property rights |
| DOI | 10.1007/s11424-016-5192-3 |
| Language | 英语 |
| Funding Project | National Natural Science Foundation of China[71003115] ; Collaborative Innovation Center ; Research Innovation Team Supporting Plan of the Central University of Finance and Economics |
| WOS Research Area | Mathematics |
| WOS Subject | Mathematics, Interdisciplinary Applications |
| WOS ID | WOS:000379826000012 |
| Publisher | SPRINGER HEIDELBERG |
| Citation statistics | |
| Document Type | 期刊论文 |
| Identifier | http://ir.amss.ac.cn/handle/2S8OKBNM/23214 |
| Collection | 系统科学研究所 |
| Corresponding Author | Liu Yifang |
| Affiliation | 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 |
| Recommended Citation 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. |
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