我国上市公司资本结构影响股权代理成本的实证分析

公司资本结构是公司治理结构的重要方面,它对公司代理成本有着直接的影响。本文对1990—2003年上市公司资本结构影响股权代理成本的实证分析表明,经营者持股比例与股权代理成本呈显著负相关;负债融资比例、法人股比例和第一大股东持股比例与股权代理成本呈不显著负相关;国家股比例和流通股比例与股权代理成本呈较显著正相关。这些研究结论表明,资本结构对股东、经营者和债权人之间的契约关系有着直接的影响,完善资本结构是完善我国上市公司治理结构从而降低代理成本的重要途径之一。

The Analysis of the Impacts of the Listed Companies Capital Structure on the Equity Agency Cost

Capital structure is an important aspect of corporate governance;it has impacts on the corporate agency cost.This paper examines how the capital construction has effect on the equity agency cost from 1990 to 2003 in the Shenzhen and Shanghai Stock Exchange.It shows that(a)there is a negative and significant correlation between the proportion of operator's shareholding and the equity agency cost;(b)there is a negative and insignificant correlation between the debts financing structur,the proportion of legal-person shares and the largest shareholding proportion;(c)there is positive and comparatively significant correlation between the state-owner shareholding proportion,tradable shareholding proportion and the equity agency cost.These findings indicate that the capital structur has a direct affection on the contract relations between the shareholders,operators and creditors.optimizing the capital structur is an important approach to improve the listed companies' governance and minimize the agency cost.