对公司融资能力影响因素的实证分析：一个公司治理的观点

本文从公司治理的角度对影响公司融资能力的因素进行了分析,并以家电行业上市公司为例,采用横截面检验方法,从全样本和分年度两个角度进行了理论检验。结果发现,企业家财富、经理人员相互监督动力、独立监管者的激励性监督等解释变量对公司融资能力具有一定的解释能力,它们在减少所有者—经理人员利益摩擦并确保“可保证收入应不小于投资者投入”的融资条件方面发挥着一定程度的积极作用,从而为我国上市公司提高融资能力提供了有益的启示。

Empirical Analysis of Influencing Factors on Financing Capability of Listed Company——From the Perspective of Corporation Governance

This paper analyzes the influencing factors on financing capability of listed company from view of corporation governance.With the companies of electronic appliances as the sample,the influencing factors on financing capability are tested by cross regressions from two aspects of yearly sample and whole sample.The findings are that financing capability can be explained by the entrepreneur wealth,the supervisory motive power of managers,and the incentive supervisor,which play a positive role in the financing condition that assures earnings of investor should preponderate over investment.The findings are a reference to improve listed companies' financing capability.