非国有股东治理与国有企业资本结构调整速度  

Governance of Non-state Shareholders and the Speed of Capital Structure Adjustment of State-owned Enterprises

作　　者：张慧敏[1] 孙浩然 李琼[1] ZHANG Huimin;SUN Haoran;LI Qiong(School of Economics and Management,Tianjin University of Science and Technology,Tianjin 300457,China)

机构地区：[1]天津科技大学经管学院,天津300457

出　　处：《华东经济管理》2021年第7期97-107,共11页East China Economic Management

基　　金：天津哲学社会科学基金重大项目“天津国有企业监督机制创新研究”(TJGL18-025);天津市社会科学基金重大项目“天津市激发和保护企业家精神的制度环境研究”(2018JWZD27)。

摘　　要：经验分析和理论证据表明委托代理问题会为企业资本结构调整带来额外的成本,使企业资本结构调整速度放缓。文章选取2014-2019年A股国有上市公司为研究样本,从股权结构和董事会治理两个维度考察非国有股东参与治理国有企业对资本结构调整速度的影响,并检验公司治理机制在两者关系中的中介效应。研究结果表明:非国有股东持股与委派董事均会提升资本结构调整速度,并且该提升作用在过度负债企业更加显著。进一步研究发现,非国有股东通过优化激励机制、内部控制机制以及监督机制,实现了国有企业资本结构调整速度的提高。Empirical analysis and theoretical evidence show that the principal-agent problem will bring extra costs to the capital structure adjustment of enterprises and slow down the speed of capital structure adjustment.This paper selects A-share state-owned listed companies from 2014 to 2019 as the research sample,examines the impact of non-stateowned shareholders’participation in the governance of state-owned enterprises on the speed of capital structure adjustment from two dimensions of ownership structure and board governance,and tests the mediating effect of corporate governance mechanism in the relationship between them.The results show that both non-state-owned shareholders and appointed board of directors promote the speed of capital structure adjustment,and the promotion effect is more significant in over debt enterprises.Further research shows that non-state-owned shareholders can improve the speed of capital structure adjustment of state-owned enterprises by optimizing incentive mechanism,internal control mechanism and supervision mechanism.

关 键 词：混合所有制改革 非国有股东 资本结构调整速度 公司治理机制 

分 类 号：F271.5[经济管理—企业管理] F275[经济管理—国民经济]