本文以我国证券市场1998～2006年上市公司为样本,在控制其他变量的影响后,研究发现管理者自利与债权治理均显著地负向影响上市公司经营绩效。由此得到的改善我国上市公司经营绩效的两个启示:一是加强对管理者的约束,有效激励管理者;二是完善债权治理,使债权对企业管理者形成“硬约束”。 In this paper, we take the listed companies in China’s securities market from 1998 to 2006 as a sample. After controlling for the impact of other variables, we find that managers’ self-interest and debt governance both negatively affect the performance of listed companies. The two enlightenments to improve the performance of listed companies in our country are as follows: First, to strengthen the restraint of managers and encourage managers; second, to improve the governance of creditors so that claims form “hard constraints” to managers.