摘要
债务期限结构与融资成本是企业融资的关键,合理的债务契约对企业可持续发展至关重要。党组织参与公司治理作为我国企业最具特色的治理机制,是否有助于改善企业债务契约结构呢?本文以2013—2022年我国A股上市公司为样本,研究党组织参与公司治理对债务契约的影响,以及产权性质对二者关系的调节作用。研究发现:第一,党组织参与公司治理通过提高会计信息质量和降低管理者自利改善了债务契约。第二,相较于非国有企业,国有企业党组织参与公司治理对企业债务契约的改善效果更好。第三,党组织的不同参与方式均在改善企业债务契约方面发挥了积极作用。由此可见,党组织参与治理能够有效提升企业债务融资的质量与效率,促进其稳健发展。
The debt maturity structure and financing costs are critical to corporate financing,and sound debt cove-nants are essential for sustainable corporate development.Does the participation of Communist Party of China(CPC)organizations in corporate governance—as the most distinctive governance mechanism in Chinese enterprises—help im-prove the contractual structure of corporate debt?This study examines the impact of Party organization involvement in corporate governance on debt covenants,as well as the moderating effect of property rights nature on this relationship,using Chinese A-share listed companies from 2013 to 2022 as the sample.Research findings indicate that:first,CPC Party organization involvement in corporate governance improves debt covenants by enhancing accounting information quality and reducing managerial self-interest.Second,compared to non-state-owned enterprises,the involvement of CPC organizations in state-owned enterprises yields greater improvements in corporate debt contracts.Third,different forms of Party organization involvement have all played a positive role in improving corporate debt contracts.This dem-onstrates that CPC organization participation in governance can effectively enhance the quality and efficiency of corpo-rate debt financing,thereby promoting its stable development.
作者
姚曦
牛炜
Yao Xi;Niu wei(School of Accounting,Xinjiang University of Finance and Economics,Urumqi 830000,Xinjiang,China)
出处
《金融发展研究》
北大核心
2025年第9期3-12,共10页
Journal Of Financial Development Research
基金
国家社会科学基金项目“党组织嵌入对国有企业代理冲突影响的效果、机理与对策研究”(21XJL014)。
关键词
党组织参与公司治理
债务期限结构
融资成本
产权性质
CPC organization involvement in corporate governance
debt maturity structure
financing costs
nature of property rights
