中国上市公司资本结构决定--主导因素及其变迁逻辑

影响中国上市公司资本结构的因素包括公司特征因素、资本成本因素和股权结构因素三大类,现有文献对各类因素的相对重要性缺乏研究,本文首次通过实证研究表明:股权结构是中国上市公司资本结构决定的主导因素。针对这一实证结果,论文基于国家控制权变迁逻辑,从一国宏观角度,说明了资本结构是国家控制权主导下的产权多元化和不同产权主体之间博弈的结果,即国家控制权的变迁决定了企业特殊的股权结构,而国家、银行、投资者三方之间的控制权博弈则形成了相应的融资方式,两者一起决定了企业的资本结构。

Determination of Capital Structure in China's Listed Companies

There are three kinds of factors affecting the capital structure of China's listed companiescorporate features, capital cost and stock right structure. However, the current literature has not conducted adequate research on the importance of these factors. This paper through positive analysis demonstrates that stock right structure is the leading factor determining the capital structure of China's listed companies. Then, based on the evolution of national control authority, it illustrates from the perspective of a whole nation that capital structure and corresponding financing mode together determine an enterprise's capital structure. The former is the result of the multiplication of property right under government control as well as the gaming result of various subjects of property right while the latter is the result of the control gaming between government, banks and investors.