| 公司最优股权结构分析 |
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| 引用本文： | 李伟,王锟.公司最优股权结构分析[J].技术经济与管理研究,2012(3):83-86. |
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| 作者姓名： | 李伟 王锟 |
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| 作者单位： | 北京青年政治学院;北京大学光华管理学院 |
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| 基金项目： | 复旦大学资助项目:教育部金融创新研究生开放实验室 |
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| 摘 要： | 公司股权结构是各利益方相互博弈的结果。本文从企业融资渠道的角度出发,考虑在负债条件下的企业最优股权结构的确定。通过文献回顾股权与绩效之间的关系,分析出股权集中度对公司绩效影响的研究大体分为三大类:股权集中度与公司绩效正相关、不相关以及股权的分散性与公司绩效呈正相关关系;同时认为股权结构的内生性问题与绩效也有一定的显著性影响。本文采用Pagano和Roell(1988)提出的股权结构的形成模型,同时本文将在外部融资中加入债务融资进行分析。理论分析表明,企业的最优股权结构受企业债务融资决策的影响。在考虑债务融资的情形下,股东的持股比例与企业的价值是相关的,也就是说,企业的股权结构可能是内生的,它会随着企业经营境况的改变而改变,是股东间博弈的结果。
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| 关 键 词： | 股权结构 内部控制 内生性 |
Analysis of the Ownership Structure of Firms |
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| LI Wei,WANG Kun.Analysis of the Ownership Structure of Firms[J].Technoeconomics & Management Research,2012(3):83-86. |
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| Authors: | LI Wei WANG Kun |
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| Institution: | 1.Beijing Youth Political College,Beijing 100102,China; 2.Peking University,GuangHua School of Management,Beijing 100871,China) |
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| Abstract: | The structure of corporation ownership is determined by related investors.This essay talks about what is the best ownership structure from the aspect of financing channels when the corporation is under the debt.Considering the capital sources of firms,we construct a simple model to illustrate the determination of the optimal ownership structure.In theory,the ownership structure of corporate is influenced by the decision of debt financing.In the situation of debt financing,the shares of stockholders is related to the value of a corporation.The ownership of a corporation is endogenous,and it is co-determined by situations in which a corporation operated and the funding decisions managers made. |
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| Keywords: | Ownership structure Internal controll Endogeneity |
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