资本结构、产权结构与公司治理

资本结构也就是财产所有权的结构安排,而财产所有权往往最终与收益权对应,所以资本结构又牵系着产权安排,或者说资本结构决定了产权安排结构。这样作为股权资本与债券资本比例关系的资本结构,反映的是市场经济条件下企业的金融关系,即以资本和信用为纽带,通过投资与借贷构成的股东、债权人和经营者之间相互制约的利益关系。

Capital Structure,Equity Structure and Corporate Management

Capital structure is the structural arrangement of equity ownership,which is corresponding to usufruct.So capital structure decides equity arrangement structure.As the capital structure of stock capital and bond capital,it is reflected the financial relationship of the enterprises under the condition of marketing economy,that is ,taking capital and credit as the link,the benefit relationship between creditors and dealers.