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首页> 外文会议>2007 China International Conference in Finance >The Financing Structures of Firms with Poor Corporate Governance
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The Financing Structures of Firms with Poor Corporate Governance

机译：公司治理不善的公司的融资结构

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Previous studies claim that firms with poor corporate governance are likely to encounter significant difficulties in raising external financing, but not much is known about their financing structures. This paper examines the financing structures of firms with corporate governance problems associated with the divergence in the controlling shareholders' voting and cash-flow rights. We find that firms with more severe corporate governance problems use significantly more bank debt, have a higher proportion of short-term debt, and utilize more trade credit. Our findings suggest that bank debt, short-term debt, and trade credits have comparative advantages over other risky capital in managing corporate governance problems.
机译：先前的研究声称，公司治理不善的公司在筹集外部融资方面可能会遇到重大困难，但对其融资结构知之甚少。本文研究了存在与控股股东投票权和现金流量权的差异相关的公司治理问题的公司的融资结构。我们发现，公司治理问题更加严重的公司使用大量的银行债务，拥有较高的短期债务比例，并利用更多的贸易信贷。我们的发现表明，在处理公司治理问题时，银行债务，短期债务和贸易信贷比其他风险资本具有相对优势。

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