中国上市公司控股结构与债务融资关系的实证研究  

Empirical Research on the Relationship Between Chinese Listed Companies' Ownership Structure and Debt Financing

作　　者：罗进辉[1] 万迪昉[1] 蔡地[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《财经论丛》2009年第1期75-80,共6页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(70572039);国家自然科学基金优秀创新群体项目(70121001)

摘　　要：论文以中国五个行业上市公司2005年的横截面数据为样本,通过分析第一大股东终极现金流量权与债务融资比例的经验关系,考察了负债的股权非稀释性和破产机制的治理作用。研究发现,非国有上市公司大股东的终极现金流量权比例与公司债务水平呈一种非线性的倒"U"型关系;而国有上市公司大股东的终极现金流量权比例与公司的债务融资水平则呈一种非线性的"U"型关系。此外,论文并没有发现股权制衡结构能够对大股东控制下的债务融资决策产生影响。With China listed companies＇ data in 2005, the paper analyzes the empirical relation between large shareholders＇ ultimate cash flow rights and debt leverage, and checks out the governance effect of debt＇s non-dilution property and bankruptey mechanism. And it finds that there is a kind of nonlinear inverse-U shape relation between private large shareholders＇ ultimate cash flow rights and debt leverage, but a kind of nonlinear U shape relation between state large shareholders＇ ultimate cash flow rights and debt leverage. Furthermore, the paper doesn＇t find any evidence that the power balance of ownership structure can affect large shareholders＇ debt financing behaviors.

关 键 词：大股东 终极现金流量权 股权制衡 债务融资 上市公司 

分 类 号：F406.7[经济管理—产业经济]