公司治理、资本结构与公司价值的实证研究

公司治理、资本结构和公司价值是三个紧密相联的范畴.完善的公司治理结构和治理机制是实现最优资本结构的前提,资本结构是实现公司有效治理的重要手段,同时,这二者均是为提高公司价值服务的.本文以2003年的中国上市公司群体为样本,实证检验了公司治理及资本结构对公司价值的影响.结果显示:法人股权与国家股权相比占相对多数时,公司价值上升.公司债务比率上升时,公司价值下降.董事会监督并未对公司价值产生显著影响.然而,如果考虑到公司所有权结构对资本结构、公司与公司价值之间关系的影响,我们发现,随着法人股权的增加,公司债务比率的上升以及有效的董事会监督将会促进公司价值上升.

An Empirical Study into Corporate Governance, Capital Structure and Corporate Value

With the listed companies in 2003 as a sample, this paper examines empirically the influence of governance structure and capital structure on corporate value. The conclusion is that the corporate value increases when corporate equities are comparatively more than state equities; corporate value decreases when the corporate debt ratio goes up. The supervision by board of directors does not have remarkable influence on corporate value. If, however, considered the influence of corporate ownership structure on the relationship among capital structure, corporation and corporate value, it is found that with the increase of corporate equities, the enhancement of corporate debt ratio and the effective supervision by board of directors will give rise to the increase of corporate value.