关于我国上市公司债务融资治理效应的实证分析

为了研究债务融资对公司绩效的影响，运用主成分分析法构建了债务融资效应的主成分预测模型，利用该模型对我国710家上市公司2008、2009年财务数据按资产负债率的大小划分区间进行实证研究。实证结果表明，上市公司债务融资比重的多少并不像通常想象的那样与公司治理绩效成简单的线性关系，而是在不同的资产负债率区间表现为不同的相关性。

Empirical Analysis of Governance Effects of Debt Financing in Listed Company in China

To study the influence of debt financing on company＇s performance, this paper constructs the principal component predicting model of debt financing through principal component analysis, then conducts an empirical study of 710 listed companies in China whose financial data in the year 2008 and 2009 is demarcated by the asset-liability ratio. The empirical results show that the proportion of debt financing of listed company is not as commonly assumed, having a simple linear relationship with the corporate governance performance, but at different rates of assets- liability ratio it showed a different range of correlation.