公司证券投资、所有权类型与资本结构决策关系研究  

Security Investment,Ownership Type and the Capital Structure Decision of Chinese Listed Firms

作　　者：吴文莉[1] 

机构地区：[1]华中科技大学管理学院

出　　处：《管理学报》2012年第7期1046-1051,共6页Chinese Journal of Management

基　　金：中央高校基本科研业务费专项基金资助项目(2011QN109)

摘　　要：考察了股市收益波动与公司资本结构决策之间的关系,以此分析上市公司是否存在违规举债炒股行为。研究发现:股市收益波动与公司负债水平正相关,即上市公司会根据市场收益情况举债进行证券投资决策,这种正相关关系在非国有企业更为显著;政府的监管政策效果不明显。研究结果证实了上市公司存在违规举债炒股行为,检验了政策效果并明确了监管的重点与方向。In this paper, listed firms＇ financing decision is exported by studying the relationship between return variance of stock market and firms ＇ capital structure decision. The empirical study shows that the level of firm＇s debt ration is positively correlated with return variance of stock markets, especially for non-state-owned firms. We also find out that the state-owned firms prefer to make stock investments by their own cash flows because they have light external financing constraints and are easy to bypass the government supervision.

关 键 词：股市收益波动 资本结构 证券投资 股市周期 

分 类 号：C93[经济管理—管理学] F832.48