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本文选择中国上市公司2001～2006年的面板数据,利用回归方法研究了中国上市公司债务融资与公司经营绩效之间的关系。研究发现,第一,中国上市公司债务融资与公司经营绩效之间呈负相关关系,这一结果与国外公司金融文献中的预测相反,中国国有银行普遍存在的预算软约束是导致这一现象的根源;第二,债务融资与公司绩效的负相关性随时间的推移在逐渐减弱,这一效应可以归结于近年来中国银行业改革增强了国有银行的独立性,加强了贷款约束。该研究的一个重要启示是,预算硬约束是债务融资发挥治理效应的一个重要前提条件,中国银行业的改革有利于硬化预算约束。
This paper chooses the panel data of Chinese listed companies from 2001 to 2006, and uses the regression method to study the relationship between debt financing and corporate performance of Chinese listed companies. The study found that, firstly, there is a negative correlation between the debt financing of Chinese listed companies and the performance of the company. This result is contrary to the prediction in the financial literature of foreign companies. The soft budget constraint that prevails in Chinese state-owned banks is the cause of this phenomenon Second, the negative correlation between debt financing and corporate performance is gradually weakened over time. This effect can be attributed to the independence of state-owned banks and the strengthening of loan constraints in recent years. An important implication of this research is that budgetary hard constraints are an important precondition for the debt financing to play a governance effect. The reform of China’s banking sector is conducive to hardening the budget constraint.