管理者持股、国家股及股权集中度与资本结构关系的实证研究——来自江苏省上市公司的经验数据

An Empirical Study on the Relationship between Management Shareholding,State Shareholding and Ownership Concentration and Capital Structure:With Data from Jiangsu Provincial Listed Companies

基于资本结构理论,结合江苏省上市公司特点,实证分析了管理者持股、国家股及股权集中度与资本结构之间的关系。结果表明:江苏省上市公司的管理者持股、国家股及股权集中度对资本结构有着重要影响,两者关系紧密。MHSR、A1和A10与资本结构呈负相关的;SHSR与资本结构呈正相关,但不显著。

In terms of the theory of capital structure,the authors empirically probe into the relationship between management shareholding,state shareholding and ownership concentration and capital structure based on an examination of the characteristics of Jiangsu provincial listed companies.As far as Jiangsu provincial listed companies are concerned,the study shows that the factors of management shareholding,state shareholding and ownership concentration exert a powerful effect on the capital structure with significant correlation.The factors of MHSR,A1 and A10 are negatively correlated with their capital structure.In contrast,the factor of SHSR is positively correlated with the capital structure with insignificant correlation.