中小板上市公司股权结构对融资偏好的影响研究

本文从代理成本和控制权收益角度分析了股权结构对融资偏好的影响,以2006年年底之前在中小企业板上市的102家公司2007至2009年的数据为样本进行了实证分析。研究结果表明,不同类型的股权结构对公司融资偏好的影响有着很大差异。法人股比例与股权融资率显著正相关,限售自然人持股比例和股权融资率呈负相关关系,国有股、高管持股比例、股权集中度、股权制衡度则对股权融资率影响不显著。中小板上市公司并未表现出主板上市公司＂偏好股权融资＂的特征,但高管持股比例过低、一股独大是中小板与主板上市公司的共性。我国中小板上市公司的高管持股比例需要提高,股权激励制度仍需进一步完善,股权集中度和股权制衡度应适度提高。

Research on the Influence of Ownership Structure to Financial Preference of Small and Medium-sized Enterprises Board

This paper analyses the influence of ownership structure to financial structure from perspective of agency cost and benefits of control.And it makes empirical studies using observations of 102 listed firms on SMEB（small and medium sized enterprise board） between the years 2007-2009.The results show that the difference of ownership structure leads to different influence on financial structure.Financial structure has significantly positive relation with the proportion of institutional shares and restricted natural persons＇ shares,significantly negative relation with financial structure.The research also reviews that state shares,managerial shares,ownership concentration,ownership balancing degree and other factors on ownership structure are all statistically insignificant with financial structure.Listed firms on SMEB don＇t prefer equity financing which listed firms on Main Board do.But the two kinds of companies both have single big holder and low managerial shares.As for the firms listed on SMEB,they need higher managerial shares,better stock incentive mechanism,more suitable ownership concentration and ownership balancing degree.