Abstract:
The effect of debt governance on investment efficiency under tight monetary policy is investigated using panel data from listed companies in China. The results suggest that the debt governance functions uncertainly due to soft budget constraint, therefore, are unable to inhibit enterprise’s inefficient investment in general. Further investigation shows that this uncertain functionality comes from the unbalance contributions from different aspects of debt governance. Among them, the trade credit and short-term debt can efficiently suppress the enterprise’s inefficient investment but the bank loans, corporate bonds, and long-term debt cannot. Moreover, further investigation shows that tight monetary policy enhances the debt governance effect. Finally, this paper develops reasonable recommendations on how to improve the efficiency of debt governance and supervise the listed companies through developing the law system, bank reform and monetary operation.
张亦春, 李晚春, 彭江. 债权治理对企业投资效率的作用研究——来自中国上市公司的经验证据[J]. 金融研究, 2015, 421(7): 190-203.
ZHANG Yichun, LI Wanchun, PENG Jiang. The Role of Debt Governance to Investment Efficiency of Companies: Evidence from Chinese Listed Companies. Journal of Financial Research, 2015, 421(7): 190-203.
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