资本结构与股权结构、股权性质的关系

上市公司股权融资偏好会降低资产负债率,控股大股东的＂掏空＂行为会提高资产负债率,大股东控制的上市公司同时存在着股权融资偏好和控股股东的＂掏空＂行为。通过对2007年和2008年上市公司数据的分析发现：大股东持股比例对资产负债率没有显著影响;股权性质对资产负债率、留存比率、负债结构有影响,其中国有控股企业资产负债率、长期负债比率最高,自然人控股企业留存比率最高、资产负债率最低。

On Relationship Between Capital Structure and Equity Structure and Equity Nature

Equity financing preference of listed companies reduce the asset-liability ratio, but tunneling behavior of controlling shareholders increases the asset liability ratio, and the listed companines of major controlling shareholders demonstrate equity financing preferences as well as emptying behavior.This research proves that share of the major shareholders has no significant effect on the asset-liability ratio, and reveals that the nature of the equity has an effect on asset-liability ratio, retention ratio and long-term debt rate. The state-owned holding enterprises hold the highest asset-liability ratio and long-term debt rate, and the natural person holding enterprises the highest retention ratio and lowest asset-liability ratio.