建筑业上市公司的治理结构对资本结构的影响

The influence of listed construction companies' governance structure on capital structure

本文以深沪两市19家建筑业上市公司2000-2015年(以下简称08-15年)的面板数据为研究样本,提出研究假设,建立固定效应模型,应用两阶段最小二乘法实证检验公司治理结构是如何影响建筑业上市公司资本结构的。研究发现:前五大股东持股比例、流通股比例、独立董事比例与资产负债率负相关;第一大股东持股比例、前十大股东持股比例、第2-5大股东持股比例、董事会规模、董事会活动与资产负债率有相关关系但是并不显著。

In this paper,the research sample of 19 listed construction companies from 2008 to 2015（hereinafter referred to as 08-15 years）was based on the panel data of two Stock Exchange of Shenzhen and Shanghai,put forward the research hypothesis and established the fixed effect model.The two-stage least squares method is used to test the corporate governance structure how it affects the capital structure of the listed companies in the construction industry.The study found that the proportion of top five shareholders,the tradable shares as well as the independent directors are negatively correlated with the asset liability ratio.the proportion of the largest shareholder,the top ten shareholders and the 2-5 largest shareholders equity ratio,board size and board activities are correlated with asset liability ratio but not significant.