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本文选择2007年至2009年的A股上市公司为研究样本,考察了在我国转轨经济背景下,西方财务理论界研究发现的债务能够发挥治理作用的结论是否仍然适用,是否存在能有效增强债务治理作用的外部治理机制,研究的结果发现由于预算软约束的存在,在西方财务理论界已经研究发现的负债治理作用在我国制度背景下受到严重削弱,而外部审计也没有能有效改善这种状况。这为我们从保护债权人利益和优化信贷资源的配置角度出发,如何进行相关制度和体制的改革以促使负债约束硬化和外部治理机制的治理作用实现提供了理论支持。
This paper chooses the A-share listed companies from 2007 to 2009 as the research sample to examine whether the conclusion that the debts discovered by the western financial theory circles can play a governance role still applies in the context of the transitional economy in our country and whether there exists any effective measures to enhance the debt governance As a result, the result of the research shows that the debt governance function, which has been found in the western financial theory circles, has been severely weakened in the institutional background of our country due to the soft budget constraint, and the external auditing has not been able to effectively improve the situation. This provides us with theoretical support for how to carry out the reform of the relevant systems and systems from the point of view of protecting the interests of creditors and optimizing the allocation of credit resources so as to promote the restraint of debt and the realization of the governance mechanism of external governance.