资本结构、股权结构与企业价值关系的研究——来自公共事业上市公司的经验证据  

Research on the Relationship of Capital Structure,Equity Ownership and Corporate Value——Empirical evidence from the listed companies of public service

作　　者：王鲁平[1] 王静[1] 张勉[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《西安交通大学学报（社会科学版）》2006年第4期16-21,30,共7页Journal of Xi'an Jiaotong University：Social Sciences

基　　金：国家自然科学基金项目(70372049)

摘　　要：在总结国内外大量研究资本结构、股权结构与企业价值关系成果的基础上，利用沪深两市2001～2003年公共事业A股上市公司的相关数据，运用多元线性回归方法对三者的关系进行了检验。认为上市公司的自由现金流量、公司价值均与其资本结构负相关，国有股、法人股与公司价值的关系不显著，十大股东与公司价值正相关；现阶段由于公司治理机制不完善，资本所有者主体的缺位和信托责任的缺失，使得股权对企业的监管作用和债权对管理层的监管作用弱化，企业价值受损。Based on a great many results of researches on the relationship of capital structure, stock equity structure and corporate value, using relevant data of listed companies of public services and utilities （ stock A） at Shanghai ＆ Shenzhen Security Exchanges from 2001 to 2003, and implementing a test with the multi-linear regression method, the authors hold that there is a negative correlation of free cash flow, and corporate value with the capital structure of this type companies; the relationship among state-stockholder, corporate-stockholder and corporate value is not distinct; the top ten stockholders have a positive correlation with the corporate value. After study, the authors find that at the present stage, the faultiness of governance mechanism, and the absence of the capital ownership and the lack of trust responsibility lead to the weakening of the supervision role of the stock equity over the enterprise and the supervision role of the creditor over the management, resulting in doing harm to the corporate value.

关 键 词：公共事业 公司治理 自由现金流量 资本结构 股权结构 

分 类 号：F830.91[经济管理—金融学]