上市公司债务融资水平影响因素实证研究——基于终极控制人的视角

An Empirical Study of the Influencing Factors of Debt Financing Level of Listed Corporations——From the Perspective of Ultimate Controller

选取沪深两市936家A股制造业上市公司作为研究样本,以其2011-2014年财务数据作为研究基础,从上市公司终极控制人两权分离比、终极控制人性质及控制权一致性的角度,运用描述性统计和回归分析等方法,研究了终极控制人对上市公司债务融资水平的影响。研究结果表明:终极控制人两权分离程度越大,上市公司的债务融资水平越高;终极控制人为国有时,上市公司债务水平较高;同时控制权一致性也对上市公司债务融资水平具有显著影响。

Selecting 936 A-share manufacturing listed companies which are traded in Shanghai and Shenzhen stock exchange as research samples,based on the financial data during 2011-2014,from the perspectives of the separation degree of two rights,the nature of ultimate controller and control power consistency,using descriptive statistics and regression analysis,we study the impact of ultimate controller on debt financing level of listed companies. The results show that the greater the separation degree of two rights is,the higher debt financing level of listed company will become. Listed Company＇s debt financing level is higher with a state-owned ultimate controller. And control right consistency also has significant effects on debt financing level of listed companies.