金字塔内部结构、制度环境与公司资本结构

Inner Structure of Pyramid,Institution Environment and Corporate Capital Structure

以2004年至2009年中国非金融类上市公司为研究对象,利用面板数据模型,使用金字塔代理链层级和金字塔代理链条数从纵向和横向两个维度衡量金字塔内部结构,深入探讨金字塔内部结构对公司资本结构的影响,并在此基础上进一步检验不同制度环境下金字塔内部结构对公司资本结构影响的差异。研究表明,金字塔代理链层级越长,其杠杆效应就越强,金字塔代理链层级对资本结构具有显著正向影响,而金字塔代理链条数对资本结构没有显著影响。与制度环境较差的地区相比,在制度环境较好的地区,金字塔代理链层级对资本结构的影响相对较小。其政策含义是应采取措施缩短金字塔代理链条,简化控制结构,并从根本上改善制度环境,进一步提高市场化程度,减少政府干预,加强对投资者的法律环境保护。

Based on the corporate - level dataset of Chinese non-financial of Chinese listed companies over the period of 2004 - 2009, through panel data model, using layers and number of agency chains of pyramid to measure the inner structure of pyramid from the vertical and horizontal dimensions, this paper studies the influence of the inner structure of pyramid on corporate capital structure and the different influence processes at different institution environments. The results show that： longer layer of agency chains of pyramid induces bigger ＂leverage effect＂ of pyramid structure, and the layer of agency chains of pyramid is positively related to capital structure significantly. However, the number of agency chains of pyramid has no significant effect on capital structure. Relative to the poor institutional environment regions, the influence of the layer of agency chains of pyramid on corporate capital structure is relatively small in better institutional environment regions. The policy implication is that we should take measures to shorten the layer of agency chains of pyramid and simplify the control structure. We should improve the institutional environment fundamentally, with improving market development, reducing the government intervention, and strengthening the legal protection for investors.