工业技术经济2016，Vol.35Issue(7)：104-111,8.DOI:10.3969/j.issn.1004-910X.2016.07.013
公司治理质量、债务期限与投资效率--来自中国上市公司的证据
Corporate Governance Quality, Debt Maturity and Corporate Investment Efficiency---Evidence from Chinese Listed Companies
摘要
Abstract
Information asymmetry and agency problem are main distortion factors , which cause investment inefficiency of the compa-ny . Based on China's governance environment of the economic transformation , this study uses China's A -share listed companies during the period 2012 to 2014 as sample to discusses the role of corporate governance quality and debt maturity in investment efficiency . The re-sults show that corporate governance quality , likewise , lower debt maturity can improve investment efficiency , and this study further finds that corporate governance quality and debt maturity are mechanisms with some degree of substitution in enhancing investment efficiency . Firms with lower (higher) corporate governance quality , exhibit higher (lower) short-term debt effect on investment efficiency .关键词
公司治理质量/债务期限/投资效率/代理理论Key words
corporate governance quality/debt maturity/investment efficiency/agency theory分类
管理科学引用本文复制引用
谢伟峰,陈省宏..公司治理质量、债务期限与投资效率--来自中国上市公司的证据[J].工业技术经济,2016,35(7):104-111,8.基金项目
澳门科技发展基金“分形维数与形式级数域上的丢番图逼近”（项目编号0692011 A ）；广东省第七批高等学校“千百十”人才培养工程（粤教师函［2014］119号）。 （）
