A Study On Corporate Governance Effect Of Bank Creditor 's Rights

After the financial crisis in 2008, regulatory departments strengthen the supervision to the commercial banks, which provides a new opportunity for the research of the bank debt governance effects. Foreign theories and empirical analyses show that debt financing has governance effects. That is, debt can reduce agency costs and then improve the performances of the enterprises. At the same time, the banks have important effects of supervision. In China, the academics pay more attention to the governance effects of debt in general. And they pay less attention to the governance effects of bank debt. In addition, there is no comprehensive research on the governance effects of bank debt.This paper focuses on the governance effects of bank debt from the perspective of agency cost. In the empirical process this paper takes into account the effect of the nature of property right in the special system background of China. And judge the dynamic change trend based on the financial crisis.Firstly, this paper discusses the concepts and theoretical bases concerning bank debt governance effects. We defines the concepts of bank debt and bank debt governance effects and the theoretical bases include the modern capital structure theory, the theory of the financial intermediary and the theory of stakeholders.Secondly, based on the dates of listed companies from 2004 to 2013, this paper carries on the empirical analysis by using panel date model in order to verify the bank debt governance effects on agency costs. The agency costs are divided into two kinds of forms:real consumption and leisure consumption. In the empirical process this paper also takes into account the effect of the nature of property right in the special system background of China. And the empirical analysis researches the dynamic change trend based on the financial crisis. The empirical results show that:(1) Overall, the total bank bans and long-term bank loans have some governance effects on agency costs caused by the real consumption. That is, the total bank loans and long-term bank loans can reduce management fee rate of the enterprises. While the short-term bank loans will increase agency costs caused by the real consumption. But when we take the total asset turnover ratio as the dependent variable, the empirical results show that the bank debt will only increase the agency costs caused by the leisure consumption. (2) In the private enterprises, the bank debt can reduce the agency costs caused by the real consumption. While in the stated-owned enterprises the bank debt will increase the agency costs caused by the real consumption. At the same time both in the private enterprises and the stated-owned enterprises the bank debt will increase the agency costs caused by the leisure consumption. And relative to the private enterprises, in the stated-owned enterprises when the bank debt rate increases 1% the decline of the total assets turnover rate is greater. (3) From the stage regression, the governance effects of bank debt have improved to a certain extent. (4) In general, the governance effects of bank debt don’t play well in the listed enterprises, so we need to deepen the reforms.Finally, combined with the poor legal system, government intervention and the lack of a good credit environment in the actual situation, this paper puts forward some policy proposals.