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The Effect of Corporate Governance on Debt Financing Cost of Listed Companies
Li Lin1,2; Dong Fangyu3; Liu Yifang4; Huang Haijun1; Wang Shouyang2
AbstractIn 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.
KeywordCorporate governance debt financing cost property rights
Funding ProjectNational Natural Science Foundation of China[71003115] ; Collaborative Innovation Center ; Research Innovation Team Supporting Plan of the Central University of Finance and Economics
WOS Research AreaMathematics
WOS SubjectMathematics, Interdisciplinary Applications
WOS IDWOS:000379826000012
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Document Type期刊论文
Corresponding AuthorLiu Yifang
Affiliation1.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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