资本结构与股权结构:公司融资的制度决定

Capital structure and ownership structure: institutional explanation of corporate financing

本文调查了756家上市公司的2003年的横截面数据,考察了股权结构对资本结构的制度影响。本文的经验结果显示,国家股比例较高的公司伴随着显著较低的负债率,更倾向于权益融资;法人股比例和流通股比例较高的公司则更倾向于债务融资(其中流通股比例较高的公司倾向性最强)。本文还发现,公司融资行为还受企业规模、资产结构、盈利能力和成长性的显著影响。

This paper studies relation between ownership structure and capital structure. We checks 2003 cross - section data of 756 corporate in SHSE. Our empirical results show that corporates with higher state ownership prefer to equity - financing; corporates with higher legal person ownership and traded ownership prefer to debt - financing. Our findings reflect institutional effect of ownership structure on capital structure