资本结构、股权结构、成长机会与公司绩效

Capital Structure, Ownership Structure, Growth Opportunities and Firm Performance

本文在代理成本理论的架构下,以公司成长机会为背景,分析了资本结构和股权结构对公司绩效的影响,并利用 1998 年年底之前在上海和深圳两个交易所上市的 498 家上市公司 1999 至 2001 年三年间1494 个观察值为样本进行了实证分析。结果表明,对于不同成长性的公司而言, 资本结构和股权结构对公司绩效的影响存在较大差异,从而为我们选择理想的资本结构和股权结构提供了有益的启示。

This paper examines the relation among capital structure, ownership structure, growth opportunities and firm performance based on the theory of agency cost. And we make the econometric test using 1494 observations of 498 listed firms on Shanghai and Shenzhen Stock Exchange between the years 1999-2001. The results show that capital structure and ownership structure influence firm performance in different ways for the firms of different growth opportunities, and it bene?ts how to select optimal capital structure and ownership structure of ?rms.