股权结构对资本结构选择的影响——来自中国上市公司的经验证据

The Effects of Ownership Structure on Capital Structure Choice——Empirical Evidences from Chinese Listed Companies

本文采用一系列OLS回归从公司治理角度经验检验了股权结构对资本结构选择的影响。本文提供的经验证据表明:(1)股权结构是影响资本结构选择的重要因素;(2)管理者持股与债务比率负相关,但不显著;(3)股权集中度与债务比率正相关;(4)股东人数与债务比率负相关;(5)第一大股东持股比率和其他三大股东持股比例之差与债务比率负相关;(6)国家股比例与债务比率成U型关系;(7)法人股比例与债务比率正相关,但不显著,且它们间不存在非线性关系;(8)流通股比例与债务比率成三次曲线关系。

The paper uses a series of OLS regressions to examine empirically the effects of ownership structure on capital structure choice from corporate governance perspective. The paper provides empirical evidences suggest: (1) ownership structure is an important factor affects capital structure choice; (2) debt ratio is negatively related to management ownership, but it isn't statistically significant at convention levels of confidence; (3) debt ratio is positively related to ownership concentration; (4) debt ratio is negatively related to the numbers of shareholders; (5) debt ratio is negatively related to the difference between the fraction of the first largest shareholder shares and that of the other three larger shareholders shares; (6) there is an U shape relationship between the fraction of state shares and debt ratio; (7) debt ratio is positively related to the fraction of legal person shares, but it isn't statistically significant at convention levels of confidence, and there isn't a non-linear relationship between the fraction of legal person share and debt ration; (8) there is a cube relationship between the fraction of tradable shares held mostly by individuals and debt ratio.