股权结构对资本结构动态调整的影响研究——以我国A股电力行业上市公司为例

The Effect of Equity Structure on Dynamic Capital Structure Adjustment——A Empirical Test on A-share Companies of Electric Power Sector in China

构建全球能源互联网,建立绿色低碳能源配置平台是现阶段电力企业的历史使命,为此电力企业要不断强化运营管理,提高公司治理水平。资本结构动态优化事关电力企业持续运营,而强化公司内部治理是促进资本结构动态调整的关键所在。为此,采用2003 2015年电力行业上市公司面板数据,在动态资本结构及公司治理等理论基础上,实证检验了股权结构安排对资本结构动态调整的影响。研究发现,就电力行业而言,控股股东持股比例、股权制衡度、管理层持股与资本结构调整速度正相关,股权制衡度、管理层持股与资本结构调整效果正相关,而控股股东持股比例与资本结构调整效果呈倒U型关系,此外资本结构调整速度及效果会受到公司性质的限制。

It is a historical mission for electric power enterprise to build global energy interconnection and to establish green low-carbon configuration platform.Thus,the electric power enterprise has to continuously strengthen operation management to improve corporate governance.It is very important for electric power company to optimize dynamic capital structure.And the key to increase capital structure dynamic adjustment is the reinforcement of corporate internal governance.Based on the panel data from 2003 to 2015 of electric power listed companies,using system GMM and OLS estimation methods,from behavior and result aspects,this paper empirically studies the effect of characteristic of ownership structure on the dynamic capital structure.The study finds that the controlling shareholder ownership,equity balance, management equity and capital structure adjustment speed present positive relationships,but there is an inverted u-shaped relationship between the controlling shareholder ownership and capital structure adjustment effect.In addition,the adjust speed and effect of capital structure will be limited by the nature of company.