上市公司大股东治理机制作用下的融资行为研究

本文将大股东治理机制、其他治理机制与资本结构纳入一个统一的框架体系,运用通径分析方法,就大股东治理在融资决策方面的作用机制及其治理效应进行实证分析.研究结果表明:大股东治理不仅能直接影响资本结构,还可以通过作用于其他治理机制而对其产生间接影响,并且直接影响的负面效应大于间接影响的正面效应,导致总效应是负面的.同时,大股东治理也通过股权制衡和管理层持股对资本结构产生正向影响.因此,只有完善其他能有效制约大股东机会主义行为的公司治理机制,才能有效地优化上市公司的融资行为.

The Study on Financing Behavior Under Governance Mechanism of Major Stockholders of Listed Companies

By using path analysis method,the paper mainly studies the governance mechanism of major stockholders and other governance mechanism,especially their interactive effects on capital structure.The empirical result shows that, the governance mechanism of major stockholders does have a directly negative impact on capital structure,whereas,the governance mechanism of major stockholders has also an indirectly positive impact on capital structure through other ownership balance and managerial ownership.The result ...