资本结构在我国上市公司治理中作用的实证分析

本文以1994～2002年间沪市上市公司为对象，研究了样本公司的资本结构特征，考察了总负债比、长期负债比和流动负债比与总资产收益率以及净资产收益率之间的关系，对资本结构在我国上市公司治理中的作用进行了实证分析。研究结果发现我国上市公司资本结构无法发挥在公司治理中的作用。本文分析了原因并提出了相应的对策。

Empirical Analysis on the Role of the Capital Structure in Corporate Governance among Chinese Listed Companies

This paper studies the capital structure features of all listed companies in Shanghai Stock Exchange from 1994 to 2002, and analyzes the effect of capital structure on corporate governance. After getting the conclusion that capital structure plays no role in corporate governance in China, the paper discusses the underlying reasons and presents some suggestions.