国有股和经理人持股对资本结构的影响——基于中国上市公司的理论研究

Influence of state-owned and manager-held shares on capital structure——A theoretical research on Chinese listed companies

基于国内外对资本结构的研究,旨在阐述中国上市公司股权结构在多大程度上影响了其资本结构的选择,并着重分析了国有股和经理人持股2种股权结构对资本机构影响的原因,得出中国上市公司股权结构对资本结构的影响日益重要并将成为改善上市公司资本结构需要考虑的关键因素。

Referring to the research on capital structure at home and abroad,the influence of ownership structure on the capital structure in Chinese listed companies is elaborated.The causes of influence of two ownership structures,state-owned and manager-held shares,on capital structure are analyzed.It is concluded that the influence of ownership structure on capital structure is more significant and becoming the crucial factor to improve capital structure in Chinese listed companies.