The Impact of Corporate Governance on Public Debt Financing

本研究从公司债券的成本和期限结构两方面探讨了公司治理对公共债务融资的影响。首先，我们考察了公司治理与新债利差之间的关系。CEO持股比例较高的企业和家族企业面临较高的收益率差。相比之下，作为大股东的母公司附属公司的收益率差较小。这些结果表明，收益率差随公司治理类型的不同而不同。接下来，我们研究了公司治理与新债券期限结构之间的关系。外资持股比例较高的公司可以发行期限较长的新债券。结果表明，外国投资者抑制了管理自由裁量权，从而导致公共债务期限延长。

This research explores the impact of corporate governance on public debt financing by focusing on both the cost and the maturity structure of corporate bonds. First, we examine the relation between corporate governance and yield spreads of new bonds. Firms with higher CEO ownership level and family firms face higher yield spreads. By contrast, firms affiliated with parent firms as large shareholders enjoy lower yield spreads. These results show that yield spreads vary with the type of corporate governance.Next, we investigate the relation between corporate governance and maturity structure of new bonds. Firms with higher foreign ownership could issue new bonds with longer maturity. The result indicates that foreign investors inhibit managerial discretion, thereby leading to lengthen the maturity of public debt.