资本结构对双重股权结构选择的影响——基于赴美上市中概股公司的经验证据

The Impact of Capital Structure on the Choice of Dual-Class Share Structure:Empirical Evidence from Chinese Concept Companies Listed in the US

企业IPO时可选择使用双重股权结构的上市制度为资本结构影响股权结构的研究提供了契机。以1991—2023年赴美上市的中概股企业为样本,本文从选择原因和选择结果双重视角,经过主回归和工具变量、子样本回归等多种稳健性检验,研究发现,高杠杆企业更有可能选择以双重股权结构上市,这种趋势在短期债务占比高的企业、战略性新兴产业中表现得更为明显。从选择结果看,基于债务的治理作用,高杠杆企业选择双重股权结构后更有助于保护外部股东利益、提升股东价值;进一步研究得知,内部股东可通过设定较高的投票权倍数减轻其承担的债务风险效应,但也减弱了债务治理效应,而持有较多现金流权则能够增强债务治理效应;企业成长性越高、行业竞争度越高、重资产越多时,高杠杆企业选择双重股权结构的债务治理效应越强。独特的研究视角同时对双重股权结构和资本结构研究具有增量贡献。

The listing system of dual-class share structure in IPO provides an opportunity to study the influence of capital structure on equity structure.Based on the samples of Chinese concept stock companies listed in the United States from 1991 to 2023,this paper discusses the influence of capital structure on the choice of dual-class share structure from the perspectives of the reasons and results of selection.Through principal regression and various robustness tests such as instrumental variables and subsample regression,it is found that enterprises with higher financial leverage are more likely to choose dual-class share structure for listing,and this trend is more obvious in the enterprises with more short-term debts and strategic emerging industries.From the selection results,based on the governance role of debt,the dual-class share structure of highly leveraged enterprises is more conducive to protecting the interests of external shareholders and enhancing shareholder value.Further research shows that internal shareholders can reduce the debt risk effect by setting a higher voting rights multiple,but also weaken the debt governance effect,while holding more cash flow rights can enhance the debt governance effect.The higher the enterprise growth,the stronger the industry competition and the more asset-heavy operation,the stronger the debt governance effect of high-leverage enterprises choosing dual-class share structure.The unique research perspective has made incremental contributions to the research of dual-class share structure and capital structure.