管理层持股、股权集中度与公司资本结构——来自中国上市公司的经验证据  

Managerial Ownership,Ownership Concentration and Corporate Capital Structure:Empirical Evidences from Chinese Listed Companies

作　　者：杨帆[1] 熊海斌[1] 

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《湖南商学院学报》2013年第1期68-74,共7页Journal of Hunan Business College

摘　　要：本文以1176家上市公司为样本,实证检验了资本结构与股权结构之间的关系。实证结果表明:①管理层持股比例与负债率负相关,但不显著;②较高的股权集中度导致高的负债率;③管理层持股比例与公司债务之间的关联性不受公司股权集中度影响;④股权集中度与公司债务之间的关联性受管理层持股比例的影响;⑤管理层持股比例和股权集中度的相互作用能够调节股权与资本结构之间的关系。本文得出了许多有助于诠释资本结构之谜的结论。This paper empirically examines the relationship between capital structure and ownership structure with a sample of 1176 listed companies. The empirical evidences provided in the paper suggest： ①debt ratio is negativel） related to management ownership, hut it isn＇t statistically significant at convention levels of confidence; ②higher levels of ownership concentration lead to higher debt; ③the relationship between managerial ownership and debt is not affected by the level of ownership concentration; ④the relationship between ownership concentration and debt is affected by managerial ownership; ⑤the relationship between ownership and capital structure is moderated by the interaction between managerial ownership and ownership concentration. Overall, in this paper, we reach several interesting conclusions that help to explain the capital structure puzzle.

关 键 词：资本结构 股权结构 管理层持股 股权集中度 

分 类 号：F276.6[经济管理—企业管理] F275[经济管理—国民经济]