我国上市公司股权结构、资本结构和公司价值关系研究

Ownership Structure,Capital Structure,and Firm Value of Chinese Listed Companies

基于我国上市公司特殊的股权结构,对资本结构和公司价值的关系进行了研究。建立了反映资本结构和公司价值相互作用关系的联立方程模型,在公司价值方程中,用非线性关系描述资本结构对公司价值的影响,采用三阶段最小二乘法对结构方程模型进行参数估计。检验结果表明：公司价值与负债比例显著正相关,与负债比例的平方显著负相关；高管持股比例对资本结构、公司价值的影响不显著；公司价值与大股东持股比例显著正相关；资本结构与大股东持股比例负相关,但不能通过显著性检验；资本结构与流通股比例负相关,与资产规模、获利能力以及固定资产比例显著正相关。

This paper investigates the relation between capital structure and value in China listed companies. The paper established a simultaneous equation on capital structure and firm value. In value equation, we suppose that capital structure affect value non-linearly. We estimate the parameter by 3SLS. Empirical test shows that firm value is significantly positively related to debt leverage, and the proportion of the major shareholders＇ share, while negatively related to the square of leverage. The test also shows that the capital structure is significantly positively related to firm size, profitability, and fixed assets, while negatively related to the liquidity of ownership. The managers＇ share shows no evident effect on finn value or capital structure.