公司治理是如何影响资本结构的——基于我国上市公司的实证研究  

How Does Corporate Governance Affect Capital Structure?——Some Evidence from the Listed Companies in China

作　　者：汪强[1] 吴世农[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《经济管理》2007年第12期4-13,共10页Business and Management Journal ( BMJ )

摘　　要：本文以2004年沪深股市除ST、PT外的非金融类上市公司为样本,探讨公司治理是否及如何影响上市公司的资本结构。与以往研究不同的是,本文首次将上市公司按照控股股东的控制度分为5种股权结构类型,考察不同股权结构类型下的公司治理对资本结构的影响程度。研究结果表明,公司治理显著影响上市公司资本结构的选择,适度制衡的股权结构下公司治理对资本结构的影响最明显。This paper examines the relationship between corporate governance and capital structure in China. The empirical results show that： （ 1 ） Debt ratio is negatively related to shares held by controlling shareholder, positively related to A shares, and debt ratio is also lower in companies with highly concentrated ownership structure; （2） the more shares are held by the board, the lower is the debt ratio;（3） the shares that are held by CEO are negatively related to the debt ratio for the companies controlled by the state, and positively related to the debt ratio for the companies controlled by a person; （4） the more outside directors that a company has, the higher is the debt ratio; （5） the governance mechanism works best in the companies with moderate divergent ownership structure;（6） the influence of corporate governance on capital structure varies between companies with state and private ultimate controllers.

关 键 词：资本结构 公司治理 股权结构 

分 类 号：F276[经济管理—企业管理]