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当前位置:首页 > 商业/管理/HR > 经营企划 > 金融生态环境_负债的治理效应与债务重组_经验证据
:3(100084),20012004,;,,,,,,,IPO,(2005),19981999,,,2001()(ROE),2001,,(,2006),,?,?20012004,,,,,,343(70472006),,,(2004),(2005),(2004)(2005)(393411)©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(GrossmanandHart,1982),(Jensen,1986),(HarveyandShrieves,2000),,,,(Ittneretal1,2003),Williamson(1988),,,,,(),(2005)(),,50,(2005),(2005),,;(2006),,,(2005),,,,?,?,(),,,(),,,,(),,,,,,,,,,,,,,,,()44©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),,,,,,,,IPO,,,,,,,,,,,,,,,,,;,,,,,,,,,,,,,,(,),,,,,,,1:H1:,,,,,54,,©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:H2:,()20012004A(B,),4730-(442-)(Genius)()(),(2005)()Logistic,Logistic(Y),,Y=1,,Y=0,(2005)(FENV),(2005)50,,,,011,2,(LEV),,(),,(FENV_D),0,1,,,,,;,,,(2005)(2004),,A(HBShare)(CSTR2_10)(INST)(DUA)()(IDR)()(ESH)(2005),,,,,(),,,(2004)19982000,,,,(ListY),(1,,64©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.)41,40,,(SIZE),,11Yt,Y=1,Y=0FENV(2005)LEVt-1FENV_D1,INSTt-11,0AHBSharet-1A,1,0CSTR2_10t-1IDRt-1DUAt-11,0ESHt-13IND,C,,20SIZEt-1ListYt-4t,ListY=0;ListY=13,LogisticH1:Logit(P)=P(Y=1)=F(a0+a1FENV+a2LEV+a3HBShare+a4CSTR2_10+a5INST+a6IDR+a7DUA+a8ESH+a9SIZE+a10ListY+30i=11aiINDi)(1)H2,(1)FENVFENV_DLEVFENV_DLEV,(2):Logit(P)=P(Y=1)=F(a0+a1LEV+a2FENV_DLEV+a3HBShare+a4CSTR2_10+a5INST+a6IDR+a7DUA+a8ESH+a9SIZE+a10ListY+30i=11aiINDi)(2)(),,;;,,,()23(1)(2)74,©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1)\20012002200320040104Constant1153281643018870147521841(01206)(81257)333(01109)(01024)(31808)3FENV--21334-11474-11918-21991-21100(131177)333(61571)333(111952)333(201168)333(501651)333LEV2178811612018190181901837(161982)333(161189)333(51344)33(61726)333(281316)333HBShare--0119201275014900126401221(01154)(01396)(11639)(01362)(11113)CSTR2_10--01001-01026-01046-01027-01019(01001)(01383)(11309)(01394)(01845)INST--01285-01318-01609-01436-01353(11125)(11703)(61959)333(21222)(81353)333IDR-21273-11318-11437-01132-01575(01873)(1131)(11326)(01005)(21526)DUA+-0118201498-012000150801127(01195)(21146)(01227)(21252)(01486)ESH--20251246-11851754-388156-98361787-11511273(01545)(1196)(01331)(21334)(31676)33LNA--01191-01522-01102-01107-01215(11379)(13100)333(01638)(01546)(91444)333ListY+01184-01037011290158701302(01445)(01022)(01294)(41203)33(61052)33IND11-30?N10991139119612964730-2Loglikelihood498131162016446931486596111325181729Chi-square11818443339418433338912073338816053332851461333:Wald;33333301010105011;,3(2)\20012002200320040104Constant0125071971-01098-1105411740(01006)(61985)333(01001)(01125)(11472)LEV+3135321764113511163411804(231310)333(331455)333(91643)333(141263)333(741629)333FENV_DLEV--11581-11609-01826-11383-11340(101121)333(151842)333(51014)33(131348)333(501004)333HBShare--0131601295012950107401142(01434)(01468)(01626)(01031)(01481)CSTR2_10-01003-01034-01046-01030-01024(01003)(01668)(11315)(01478)(11287)INST--01288-01302-01582-01402-01316(11159)(11156)(61384)33(11873)(61642)333IDR-21414-11131-11442-01373-01540(11000)(01961)(11344)(01044)(2123)DUA+-0115901514-01208014960115284©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(01149)(21264)(01248)(21164)(01698)ESH--17031415-11691167-3761628-70511108-1047136(01448)(11633)(01321)(11346)(31359)3LNA--01183-01537-01108-01110-01224(11293)(131605)333(01740)(01590)(101481)333ListY+01082-01156-011080149601190(01091)(01389)(01740)(21969)3(21353)N10991139119612964730-2Loglikelihood502167461113497011576606116725231520Chi-square114148133310411393338111163337815513332801669333:Wald;33333301010105011;,23:1120012004,(FENV)1%,200120032004,1%,20025%,(LEV),,1,,,,,21,1%,1%5%,313,LEV1%,FENV_DLEV1%,1%5%(2),(FENV_D1),a1+a2,(FENV_D0),a1a1,a2,a1+a20,(2),,,2,,,,,,,41,(INST),,,,,,,A(HBShare)(CSRT2_10),,,(IDR)10%(2)94©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(DUA),,,(ESH)5%(2)10%(3),,,()23,(LNA),,,(ListY)(2),,,,20012004,;,,,,,,,,,,,,,,,,,,,,,,,IPO,,,,,,1200511,21200411,8,,1200511:,,1200611,10,1200511,5,,120051:1,120061.,1200411,3Grossman,S1,andO1Hart,1982,CorporateFinancialStructureandManagerialIncentives.InJ1McCall(ed1),TheEconomicsofInformationandUncertainty.Chicago:UniversityofChicagoPress.107-1371Harvey,K1D1,andR1E1Shrieves,2000,ExecutiveCompensationStructureandCorporateGovernanceChoices.Workingpaper,TheUniversityofTennessee1Ittner,C1,R1Lambert,andD1Larcker,2003,TheStructureandPerformanceConsequencesofEquityGrantstoEmployeesofNewEconomyFirms,JournalofAccountingandEconomics,34:891271Jensen,M1C1,1986,AgencyCostsofFreeCashFlow,CorporateFinance,andTakeovers,AmericanEconomicReview,76:3233291Williamson,O1,1988,CorporateFinanceandCorporateGovernance,TheJournalofFinance,43:567591105©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.
本文标题:金融生态环境_负债的治理效应与债务重组_经验证据
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