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《Journal of Finance and Economics》 2009-06
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Financial Development,Debt Governance and Corporate Value:Evidence from Chinese Listed Companies

TANG Song1, YANG Yong2, SUN Zheng3(1.School of Accounting and Finance, The Hong Kong Polytechnic University,Hong Kong, China;2. National Council for Social Security Fund, Beijing 100032,China;3. Institute of Accounting and Finance, Shanghai Universityof Finance and Economics, Shanghai 200433, China)  
Based on the critical theory of new institutional economics and the data of A-share listed companies on both Shanghai and Shenzhen stock markets from 2000 to 2006, this paper makes an empirical study on the micro mechanism of financial development for promoting economic growth. The result finds that if the debt ratio increases by 1%, the increasing percentages of corporate values in areas with higher degree of financial development will be on average 0.54 higher than the ones in areas with lower degree of financial development. And the positive relation between the debt ratio and corporate value only holds in areas with higher degree of financial development. It means that financial development plays an important role in the performance of debt governance. If the companies are located in areas with higher degree of financial development, their debt governance will have a better performance and their corporate values will be more apt to rise. This paper provides a helpful perspective for us to understand the micro mechanism of financial development for promoting economic growth.
【Fund】: 国家社会科学基金资助项目(08BJY021);; 教育部人文社科研究基地重大项目(05JJD630027)
【CateGory Index】: F832;F276.6;F224
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