公司治理机制对资本结构的影响——基于中国上市公司的实证研究

Empirical Research on the Effects of Governance Mechanism to Listed Company Capital Structure in China

公司治理效率、资本结构的合理性以及两者之间的关系直接影响到公司价值的实现。本文对我国上市公司治理机制对资本结构的影响以及相应的市场反应进行了理论分析和实证研究。研究结果表明,在我国上市公司不同的公司治理变量对资本结构都有着十分重要的影响,公司治理对资本结构的影响基本符合债务控制理论描述,但某些指标的影响与理论分析不同。造成这种现象的原因主要是我国上市公司有着区别于西方公司的特殊股权结构以及不发达的资本市场。最后,本文针对我国上市公司的实际情况提出了相关的政策建议。

Corporate governance and capital structure will affect the achievement of corporate value. In this paper, we built up the multi linear analysis and sample selection, and processed independent variables under principal component method. The result formulated that varied corporate governance variables affect capital structures significantly. The research of this paper indicates that listed companies＇ corporate governance impacts capital structure under ＂control hypothesis＂ theory, but some of the conclusions are different. The special ownership structure and backward capital market are the deep reasons for the exceptions. Finally, we put forward the corresponding policy recommendations according to the conclusion.