控股股东和财务杠杆的激励功能

The Largest Shareholder,Financial Leverage and Managerial Incentive:Evidence from Corporate Growth

以上海证券交易所的747家上市公司2003年的横截面数据为样本,检验了财务杠杆与公司价值之间的经验关系,考察了控股股东性质对财务杠杆价值效应的影响。结果发现,财务杠杆对公司价值(成长性)具有显著的积极效应;另外,控股股东性质对财务杠杆的价值效应和激励功能具有显著的影响,财务杠杆在法人控股的公司中能够发挥更有效的激励作用。

This paper studies the relationship between financial leverage and firm value. The author investigates 747 listed.companies in SHSE, explores leverage＇s effect on firm growth by crosssection analysis. The results show that financial leverage has significant positive effect on firm value.Furthermore, the largest shareholder can affect significantly incentive mechanism of financial leverage; financial leverage has stronger governance function in legal person-controlled corporate. Our empirical results conform to free cash flow hypothesis.