The Effect of Corporate Governance on Debt Financing Cost of Listed Companies

doi:10.1007/s11424-016-5192-3

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	The Effect of Corporate Governance on Debt Financing Cost of Listed Companies
	Li Lin 1,2; Dong Fangyu 3; Liu Yifang 4; Huang Haijun 1; Wang Shouyang2
	2016-06-01
发表期刊	JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY
ISSN	1009-6124
卷号	29 期号:3 页码:772-788
摘要	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.
关键词	Corporate governance debt financing cost property rights
DOI	10.1007/s11424-016-5192-3
语种	英语
资助项目	National Natural Science Foundation of China[71003115] ; Collaborative Innovation Center ; Research Innovation Team Supporting Plan of the Central University of Finance and Economics
WOS研究方向	Mathematics
WOS类目	Mathematics, Interdisciplinary Applications
WOS记录号	WOS:000379826000012
出版者	SPRINGER HEIDELBERG
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/23214
专题	系统科学研究所
通讯作者	Liu Yifang
作者单位	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
推荐引用方式 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.