公司治理影响资本结构吗

Corporate Governance,Governance Environment and Capital Structure

本文以2004—2007年A股非金融类上市公司非平衡面板数据为研究对象,在我国特殊的制度环境下分析上市公司的公司治理与资本结构之间的关系。研究发现公司治理结构对资本结构有着十分重要的影响。该结论基本符合债务控制理论,但与西方现有文献相比仍有所不同;该结论丰富了企业融资理论,对完善我国公司治理制度和资本结构有很大意义。

Corporate governance structure is the framework that regulates the allocation of rights and obligations of shareholders,the Board and senior management,which determines the structure of corporate financing. By employing the unbalanced panel data of all A-shares listed companies from 2004 to 2007,this research paper investigates the relationship between corporate governance and capital structure in China's institutional environment. It finds that corporate governance exerts significant influence on capital structure in China. This finding enriches the theory of corporate financing and is helpful for improving capital structure and corporate governance institution of Chinese companies.