上市公司股权制衡水平与财务风险关系的实证研究

Empirical Analysis on the Relationship between Power Balance with Shareholder Structure and Financlal Risk

本文以2003年在上海和深圳证券交易所上市的公司的年报为研究样本,实证分析了我国上市公司股权结构与财务风险之间的关系。结果表明,股权制衡度与财务风险之间存在显著正相关关系。因此,在目前的情况下,培育一定的控制型股东,保持一定的股权制衡水平,有利于防范公司的财务风险。

On the basis of the annual reports(2003)of the listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange,this study analyses the relationship between the power balance with shareholder structure and firm financial risk, and show a magnificent positive relation.Tbe conclusion is that,bringing up some controlling stockholders and maintaining certain degree of power balance with shareholder structure will positively affect the control firm financial risk.