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An Empirical Study on Relationship between Governance of Creditor’s Right and Performance of Chinese Listed Company

Author: CuiFang
Tutor: ChenZhiJun
School: Shandong University
Course: Business management
Keywords: Principal-agent costs Creditor Governance Enterprise Performance
CLC: F272;F224
Type: Master's thesis
Year: 2011
Downloads: 57
Quote: 0
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Abstract


Corporate governance around the principal-agent issues, the core of their research is how to make both the principal-agent incentive compatibility, reduce the commission on behalf of agency costs. Modern corporate governance theory of the principal-agent problem is divided into two categories, namely the management and shareholders of the principal-agent problem as well as the largest shareholder and minority shareholders of the principal-agent problem, while ignoring the important position of the creditors. In fact, debt financing is an important source of corporate finance, creditors that there are also agents of adverse selection and moral hazard brought entrusted agency costs due to information asymmetry and the contract is not complete. Creditor governance also plays an incentive and restraint managers, the corporate interests of stakeholders objective function, so as to make joint efforts to improve business performance, reduce the role of the principal-agent costs, and to some extent with equity governance is mutual alternative, jointly role. In reference to the basis of previous studies on existing debt governance theory summarized and analyzed, explore theoretical deduction and summarizes the principal-agent problem in the third principal-agent costs - actual creditors and businesses The entrusted agency costs between the control person. Classification analysis into two cases, surface commissioned agents that enterprise normal operating costs and debt default actually occurs commissioned agency costs. This paper uses a combination of normative and empirical bonds governance mechanisms, incentive and restraint mechanisms and contractual restraint mechanisms along the idea of ??principal-agent costs classification of creditors, the debt governance mechanisms into the market. And further market incentive and restraint mechanisms Revenue Incentive subdivided for corporate control, free cash flow constraint mechanism, financial leverage effect and signal transduction mechanisms; contractual restraint mechanism is subdivided into the mechanism of the bankruptcy system and hard constraints. Found through empirical measurement of listed companies in China, whether it is private or non-private, or in different sectors, governance deterioration and weakening of the phenomenon of widespread claims. Constrained incentives decomposition measurement of market incentives concluded: corporate control gains incentive, free cash flow constraint mechanism, financial leverage effect can basically play to improve business performance and to protect the interests of creditors role, and the information transmission mechanism there is no effect. Theoretical and empirical research on the basis of the status of the creditor governance of listed companies in China, the paper puts forward the following recommendations: (1) The Bank should strengthen its role in corporate governance; (2) government to develop the bond financing market; (3) improve the debt contracts and related contract; (4) improve the bankruptcy mechanism and related laws and regulations.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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