theeffectofcorporategovernanceondebtfinancingcostoflistedcompanies

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	theeffectofcorporategovernanceondebtfinancingcostoflistedcompanies
	Li Lin 1; Dong Fangyu 2; Liu Yifang 2; Huang Haijun 1; Wang Shouyang3
	2016
Source Publication	journalofsystemsscienceandcomplexity
ISSN	1009-6124
Volume	29 Issue:3 Pages:772
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.
Language	英语
Document Type	期刊论文
Identifier	http://ir.amss.ac.cn/handle/2S8OKBNM/42575
Collection	系统科学研究所
Affiliation	1.北京航空航天大学 2.中央财经大学 3.中国科学院数学与系统科学研究院
Recommended Citation GB/T 7714	Li Lin,Dong Fangyu,Liu Yifang,et al. theeffectofcorporategovernanceondebtfinancingcostoflistedcompanies[J]. journalofsystemsscienceandcomplexity,2016,29(3):772.
APA	Li Lin,Dong Fangyu,Liu Yifang,Huang Haijun,&Wang Shouyang.(2016).theeffectofcorporategovernanceondebtfinancingcostoflistedcompanies.journalofsystemsscienceandcomplexity,29(3),772.
MLA	Li Lin,et al."theeffectofcorporategovernanceondebtfinancingcostoflistedcompanies".journalofsystemsscienceandcomplexity 29.3(2016):772.

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