An Empirical Research on Value Effect of Corporate Governance of Debt Types

摘要

From the perspective of corporate governance this article analyses the value effect of corporate governance of types of debt theoretically and endogeneity of debt types and value using Hausman test. Empirical study shows that the increasing of corporate bonds which curb non-strategic functions of corporate governance of operators will help to enhance corporate performance; Bank borrowings which do not use advantage of evaluation corporate information and monitoring do not supervise effectively operators of enterprises and overcome free-riding behavior of fragmentation of public debt on the debt market; Commercial credits do not able to supervise effectively over-investment and asset substitution of operators as a non-public debt. Those findings provide empirical evidence for changing imbalance of types of Chinese debt.