资本结构的公司治理效应分析

资本结构体现不同资本主体的所有权和控制权安排,债权和股权是公司治理的核心。我国企业目前存在着股权集中度较高、国有股权主体虚拟化严重、负债契约缺乏刚性约束力、法律保护机制不健全等问题。只有从完善机构投资者、深入推进股权分置改革、恢复债务融资的治理功能、拓宽中小股东行权渠道四方面入手,才能提高资本结构的公司治理效应。

Research on Corporate Governance From the Perspective of Capital Structure

Capital structure reflects the arrangement of capital ownership and control rights,and debt and equity are the core of company governance.At present,Chinese enterprises are confronted with some problems such as high ownership concentration,serious virtualization of state-owned equity,soft liabilities contract and short legal protection mechanism,etc.Only through improving the institutional investors,advancing the reform of non-tradable shares,restoring functions of debt financing governance,and widening the channels of small and medium shareholders,can we improve the capital structure of corporate governance.