公司治理指数与资本结构治理效应

Corporate Governance Index and Governance Effect of Capital Structure in China

通过实证分析公司治理水平对资本结构治理和企业绩效的影响发现,公司治理指数与资产负债率偏离行业均值的程度显著负相关,与企业的主营业务利润率、经济增加值比率显著正相关,与托宾Q值正相关但不显著。这说明,企业要充分重视公司治理结构与资本结构的互动作用,以提高企业的经营业绩和成长价值。

This paper has an empirical analysis on the relationship between corporate governance index and governance effect of capital structure, The authors find that corporate govemance index has a negatively influence on the distance between firm and industry in ratio of asset -liability, and a positive influence on the profit rate in principal business, the proportion of economic value added to total assets and the Tobin＇ s Q, The empirical results imply that firm must both enhance corporate governance and optimize capital structure to increase the corporate performance and firm value.