终极控制权、股权结构与资本结构

按照终极产权论的观点,在对第一大股东的性质做出清晰界定的基础上,利用中国A股上市公司2001~2005年的面板数据(panel data)检验了股权结构对资本结构的影响。实证结果表明,私有产权和外部大股东持股有利于改善公司资本结构,国有股和流通股与公司财务杠杆显著负相关,而股权集中度与管理层持股对资本结构的影响取决于第一大股东的性质。当第一大股东为国有产权时,股权集中度和管理层持股与公司债务比率显著负相关;当第一大股东为私有产权时,股权集中度和管理层持股与公司债务比率显著正相关。

The Study on Ultimate Controlling Right, Ownership Structure and Capital structure

By identifying the types of the largest shareholding according to the principle of ultimate ownership,using panel data of China's A-listed firms over 2001-2005,this paper investigates ownership structure and its effects on capital structure.The empirical results show both private-owned shares and outside block holders are redound to improve corporate capital,both state-owned shares and traceable A-shares are significant negative to firm's finance level.but the effect both ownership concentration and management shareholdings to debt ratio lie on the largest shareholding.Both ownership concentration and management shareholdings have significant negative influence on corporate capital when the largest shareholding is state-owmed shares,and a reverse influence on debt ratio when the largest shareholding is private-owned share.