控制权与资本结构调整速度研究

A Research on Control and Capital Structure Adjustment Speed

基于2008-2013年沪深上市公司面板数据，运用OLS、固定效应、随机效应回归实证研究了控制权与资本结构调整速度，结果显示：第一大股东持股比例与资本结构调整速度正相关，国有企业快于民营企业，董事长与总经理两职分离企业快于两职合一企业。这说明，大股东持股对管理者监督具有积极作用，民营企业、两职舍一企业代理成本严重。

Based on the Shanghai and Shenzhen the capital market in 2008 -2013 panel data of listed companies, this paper uses OLS, fixed effect, random effects, regression empirical research on the control and capital structure adjustment speed , the results shows： the first shareholder ownership is related to capital structure adjustment speed , and the state-owned enter- prise capital structure adjustment speed is faster than private enterprises, the non-duality of COB and CEO is faster than the du- ality of COB and CEO. This shows that first shareholders plays a positive role to supervise managers, private enterprises and the duality of COB and CEO have bad agency costs.