【摘要】 本文以2002~2005年间深圳证券交易所1525家A股上市公司为样本,实证检验了公司治理结构与上市公司债务成本的关系。研究发现,第一大股东持股比例、董事会独立性与总债务成本和银行贷款债务成本显著负相关。表明第一大股东、独立董事能有效降低债权人面临的代理冲突。研究还发现,高管持股比例和控制人类型对总债务成本和银行贷款债务成本具有不同影响。更多还原

【Abstract】 Based on the sample of 1525 listed firms in Shenzhen Stock Exchange from 2002 to 2005, this paper explores the empirical relationship between corporate governance and cost of debt. The research finds that the ratio of shareholding of the largest shareholder and the board independence are negatively associated with cost of total debt and cost of bank loan,and this suggests that the largest shareholder and independent directors can reduce agency conflicts faced by debt stakeholders.And the research also finds that the ratio of executive shareholding and the type of actual controller have different effect on cost of total debt and cost of bank loan.更多还原