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1、关于融资的外文文献JSystSciComplex(2016)29:772–788TheE?ectofCorporateGovernanceonDebtFinancingCostofListedCompanies?LILin·DONGFangyu·LIUYifang·HUANGHaijun·WANGShouyangDOI:10.1007/s11424-016-5192-3Received:17August2015/Revised:14December2015cTheEditorialO?ceofJSSC&Springer-VerlagBerli
2、nHeidelberg2016??AbstractInrecentyears,bankcreditbusinessisboomingwiththeincreasingborrowingintentionofChina’slistedcompanies,anddebt?nancinghasbecomethemajorapproachamonglistedcompanies’?nancingstrategies.Asaseriesofinstitutionalarrangementsaboutrights,responsibilitiesandbene?
3、tsbetweendi?erentshareholders,corporategovernancemechanismhasasigni?cantin?uenceonthecostofdebt?nancing.Thispaperemploysvariablecoe?cientpaneldatamodeltoinvestigatetherelationshipofthelistedcompany’sdebt?nancingcostsandcorporategovernancemechanismintermsofstructuralcharacterist
4、icsandtimeseriescharacteristics.Theresultsshowthatoptimizingthestru—————————————————————————————————————————————————————ctureofbothBoardofDirectorsandBoardofSupervisors,establishingareasonablemanagementincentivesystemandreducingtheconcentrationofownershipproperlycandirectlycont
5、ributetoalowercompany’sdebt?nancingcosts.Meanwhile,propertyrightshaveaninteractivein?uenceoncorporategovernancefromfouraspects,whichindirectlye?ectincompany’sdebt?nancingcosts.KeywordsCorporategovernance,debt?nancingcost,propertyrights.1IntroductionTakingthepursuitofmaximumpro?
6、tascompanyobjective,?nancingdecisionshavebecomeasigni?cantstrategicpolicyforalllistedcompanies.AccordingtopeckingordertheorybroughtLILinSchoolofEconomicsandManagement,BeihangUniversity,Beijing100191,China;AcademyofMathematicsandSystemsScience,ChineseAcademyofSciences,Beijing100
7、190,China.DONGFangyuSchoolofFinance,CentralUniversityofFinanceandEconomics,Beijing100081,China.LIUYifang(Correspondingauthor)SchoolofEconomics,CentralUniversityofFinanceandEconomics,Beijing100—————————————————————————————————————————————————————081,China.Email:Liuyifang08@163.c
8、om.HUANGHaijunSchoolofEconomicsandManagement,BeihangUn
