资本结构、股权结构与经营绩效--基于上市公司的实证研究

文章利用2001年度沪深两市上市公司的数据，探讨了我国上市公司股权结构、资本结构与经营绩效的关系。实证发现，股权集中公司的负债率显著低于股权分散的公司，第一大股东持股比例、流通股比例与负债率负相关，资本结构与经营绩效存在二次关系和三次关系，资产负债率在24．52％与51．13％之间时，经营缋效与资本结构正相关。

Capital Structure, Stock Ownership Structure and Corporate Performance

Based on the data of listed companies in both Shanghai and Shenzhen stock markets in 2001, this paper discusses the relationship among stock ownership structure, capital structure and corporate performance. It is observed in the empirical study that the debt ratio of the companies with centralized stock ownership is lower than that of those with distributed stock ownership, while the proportion of stock-holding of the number one major stockholder and that of stock-holding of the public are negatively related to the debt ratio; and when debt ratio is between 24.52% and 51.13%, corporate performance is positively related to the capital structure.