基于公司治理视角的民营企业资本结构研究

The Capital Structure of Private Enterprise: a Prospective from the Corporate Governance

文章以转型经济为背景,通过对民营企业的资本结构与治理结构的分析,深入研究了基于公司治理视角的民营企业资本结构的形成机制。研究发现,由于民营企业内外部治理结构的共同作用和影响,我国民营企业的融资顺序表现为首先是内源融资,其次是债务融资,最后才是股权融资。

Based on the economic transition, this paper analyzes the mechanism of private enterprise capital structure from the perspective of corporate governance. It is found that the first financing choice of private enterprises in China is by itself, then from debt, finally by outside equity due to the mutual influence between the internal and external corporate govemance.