基于股权分置的上市公司资本结构分析

Sets Based on the Stockholder's Rights Minute Goes on the Market the Company Capital Structure Minute

上市公司资本结构在国内外都有研究,我国上市公司资本结构的研究在发达国家研究的基础上也有不少成果,但都是在成熟的资本市场和股票全流通的前提下的,由于我国特殊的资本市场结构和股票流通结构状况使得用资本结构理论不能解释我国上市公司资本结构现状和特点。笔者就我国特殊的股票流通结构来解释上市公司资本结构,得出股权分置是我国上市公司扭曲的资本结构形成的重要原因。

Goes on the market the company capital structure research in domestic and foreign all to have the research, our country goes on the market the company capital structure research also to have many achievements in the developed country research foundation, but all is in the mature capital market and under the stock entire circulation premise, because our country special capital market structure condition enables the capital structural theory to explain our country goes on the market the company capital structure present situation and the characteristic. The author on our country special stock circulation structure explained goes on the market the company capital structure, the important reason which captures the stockholder＇s rights minute to set is our country goes on the market which the company to twist the capital structure forms.