创业者持股、外部股东与资本结构  

Entrepreneurs Shareholdings,External Shareholders and Capital Structure

作　　者：侯建仁[1] 李强[1] 曾勇[1] 

机构地区：[1]电子科技大学经济与管理学院

出　　处：《管理学报》2010年第4期595-604,共10页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70540022);教育部"新世纪优秀人才支持计划"资助项目(教技函[2005]35号);教育部高等学校博士学科点专项科研基金新教师基金资助项目(2009078520001)

摘　　要：以450家高科技创业企业为样本,实证考察创业企业的资本结构特征,以及揭示创业企业与成熟企业微观经济特征的差异及其对资本结构的影响。研究结果表明,创业企业资本结构呈现"短期债务为主"的期限特征和"商业信用为主"的来源特征。进一步,受创业者与股东间代理冲突不及成熟企业严重的微观经济特征的影响,自由现金流和外部大股东持股比例对创业企业资本结构无显著影响,而高持股比例使得创业者倾向于选择低的债务水平,且创业者持股对长期负债和银行贷款的负向影响较其对短期负债和商业信用的负向影响更为明显。Based on a database of 450 start-ups in high-tech industry,this paper investigates the capital structure of start-ups and examines the difference of micro-economic characteristics between the start-ups and the mature firms which is a key determinant of the start-ups＇ leverage.The results show that the short-term debts and the trade credit are the main components of the start-ups＇ liabilities,and the agency conflicts between the entrepreneur and the other shareholders are less serious than that in the mature firms.The level of free cash flows and the shareholding ratio of major external shareholders have no significant effects on the start-ups＇ leverage.However,in order to avoid the firm going bankrupt,the entrepreneur has the stronger motivation to reduce the leverage when he holds more shares,and the levels of the long-term debts and the bank loans decrease significantly with the increase of the entrepreneur＇s shareholdings.

关 键 词：创业企业 资本结构 商业信用 外部股东 

分 类 号：C93[经济管理—管理学] F830.59