资本结构的激励功能和投资者保护:来自沪港上市公司的比较证据  

Incentive Mechanism and Investor Protection of the Capital Structure: Evidence from Comparison between Public Companies Listed in Mainland and HK

作　　者：谢军[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510631

出　　处：《上海金融学院学报》2007年第4期33-38,69,共7页Journal of Shanhai Finance University

基　　金：广东省自然科学基金项目(5300372)

摘　　要：本文实证分析并比较了在上海和香港两地的上市公司资本结构激励功能的差异。分析表明,财务杠杆对大陆上市公司和香港上市公司的市场价值均具有显著的积极效应。而香港上市公司的资本结构激励功能显著地强于大陆上市公司,财务杠杆所产生的债务压力在香港上市公司中能够发挥更有效的激励作用。研究结果显示,香港证券市场能够为投资者提供更有力的保护机制。The author investigates 733 public companies listed in mainland and 86 red-chip Chinese companies listed in HKSE. The article explores leverage＇s impact on firms growth by cross-section analysis and compares incentive mechanism of capital structure between mainland-listed companies and HK-listed companies.h finds that there are significant difference about incentive effect of capital structure between mainland-listed companies and HK-listed companies. Our empirical result suggests that capital market in HK is capable to supply the stronger protection for investors.

关 键 词：资本结构 激励功能 公司价值 投资者保护 大陆 香港 

分 类 号：F830.9[经济管理—金融学]