债务约束

并利用图表的形式分析了各国的债务约束指标。

Using the graph to analyze countries ' debt restraint target .

在债权治理方面，通过硬化上市公司债务约束机制来改善债务融资结构；

Strengthening the bankruptcy mechanism to improve financial structure of debt ;

基于债务约束的自由现金流过度投资问题研究

Research on the Excessive Investment of Free Cash Flow Based on Debt Constraints

信息不对称条件下的债务约束机制

Debts constraint mechanism under the circumstance of asymmetric information

公司治理、债务约束与自由现金流过度投资&基于发电行业上市公司的实证研究

Research on The Relations Between Debt Constraints and Excessive Investment of Free Cash Flow

被债务约束而不能自主。

Restrain from independence by an obligation .

其次，对政治关系与债务约束问题进行了理论分析，并进行了相应的实证检验。

Secondly , this paper makes theoretical analysis and corresponding empirical test on the problem of political connections and debt restrain .

这项交易的谈判工作进行了数月之久，谈判中涉及的债务约束、裁员及其他问题引发了意大利工会的强烈反对。

The deal took months of negotiation over debt restriction , proposing job cut , and other issues that sparked intense opposition from Italian unions .

我国债务软约束的成因分析

Cause Analysis on the Soft Restraints on Debts in China

论债务契约约束与企业会计政策选择

On the Restriction of Debt Contracts and the Selection of Firm 's Accounting Policies

其终极目的在于获取私人利益，具体目的为筹资、避税、获取政治资本以及规避债务契约约束等。

The aims are to obtain the private benefit , collect capitals , escape taxes , obtain political capitals and evade the obligations of contracts .

故我国政府应适当强化企业债务破产约束，而债权人也应力图通过债务重组方式来解决其债务危机。

Therefore , the government should avoid helping firms with financial crisis by subsidy , and debt holders should try to solve the firm 's financial crisis by debt re-organization .

在激励机制方面，经理人低持股及任职行政化和债务软约束这两个因素的作用使公司负债水平的提高不能有效降低股东与经理人之间的代理成本。

From the angel of incentive mechanism , the low proportion of share hold by managers and " soft restriction " of debt made the mechanism ineffective , which reduce the agent cost occurred between shareholders and managers by increasing the financial leverage .

由于我国企业薪酬制度和国有公司债务契约软约束的特殊性，我国企业的盈余管理动机也呈现出独有的特点。

Because of remuneration system and debt soft constraint in China , the motivation of earnings management possessed unique characteristics .

另外由于次级债务的市场约束性的存在，可以通过发行次级债务促使银行提高信息透明度，改善公司治理，使银行保持良好的经营状况。

And because of the market discipline of subordinated debt , the issuing bank must increase the information transparency , improve the company management , and keep itself in good operation .

合理的股权结构有助于优化债务期限结构，约束内部人机会主义行为以及减少代理成本。

Reasonable ownership structure helps to optimize the debt maturity structure , restrict opportunistic behavior of insiders , and reduce agency costs .

在此基础上，着重分析了债务融资在激励约束、信号传递、破产威胁三个方面表现出的治理效应，并对不同期限、不同类型债务的治理作用进行了比较。

On this basis , it then highlights the governance effect of debt financing in there aspects as incentive and restraint function , signal transmission and bankruptcy threat , and comparisons are made between different debt .

国外资本结构理论的前提之一是债务对企业有硬约束作用，企业不能偿还债务，即要破产，但在中国，企业的债务融资具有软约束特征。

One of the preconditions of foreign theory on capital structure is that the debt is a hard budget constraint , i.e. if the firm could not pay the debt , it would be bankrupt . But in China , the debt is soft budget constraint .

本文还创新的嵌入债务水平因素，研究债务约束是否会抑制管理层持股对会计稳健性的影响。

This paper also innovatively embeds debt levels factors , and study the debt constraints whether will inhibit the influence of management shareholding to accounting robustness .

据此，笔者从债务制度供给、债务需要约束和地方债务管理三方面提出了防范地方政府债务风险的政策建议。

Therefore , the author promotes some policy advice about debt system supply , debt demand restriction and local debts management to prevent the local government debts risk .