代理成本视角的股权结构与资本结构调整

On the Ownership Structure and Capital Structure Adjustment from the Perspective of Agency Cost

从代理成本的视角研究了股权结构对资本结构调整速度的影响。资本结构调整速度不仅会受到交易成本的制约,也会受到代理成本的影响,而股权结构正是代理成本的治理基础。股权结构变量对代理成本进而对资本结构调整速度具有影响。通过建立2007-2011五年的平衡面板数据模型并进行检验,结果显示,股权集中度、机构投资者持股、管理层持股和流通股比例均与资本结构调整速度存在显著的正向关系。由此得出结论,通过股权结构的合理安排能够有效降低代理成本,并由此提高资本结构的调整速度。

We make a research on the effects of ownership structure on capital structure adjust- ment speed from the perspective of agency cost. Capital structure adjustment speed will not only he affected by transaction cost, hut also by agency cost. Ownership structure is the governance basis of agency cost. Ownership structure variables has an effect on agency cost and capital structure ad- justment speed. By establishing balanced panel data models of the five years from 2007 to 2011, the empirical result shows that, the proxy variables of ownership structure, including ownership con- centration, institutional ownership, management ownership, and circulation stock ratio, have a sig nificant positive relationship with capital structure adjustment speed. As a result, agency cost can be mitigated by reasonable arrangement of ownership structure, and thus the efficiency of capital structure adjustment can be promoted.