资本结构、市场约束与公司治理

建立在资本市场基础上的公司资本结构不是一个简单的财务问题。公司治理与资本结构有着内在的逻辑关系。公司的资本结构决定了公司的外部市场约束结构进而影响公司的治理结构。由于我国资本市场的不规范,国有银行对公司的债权约束无效,股东特别是国有股股东对公司的股权约束无效;我国上市公司融资的股权偏好是公司行为市场约束失效的集中体现;银行业的民营化与国有股的减持与流通是提高公司外部市场约束的基本前提。

Capital Structure, Market Control & Company Governance

Corporate capital structure,based on capital market,is not merely a question of finance.Corporate governance has internal logic relationship with capital structure: capital structure determines constraint structure of external markets and then affects the management structure.Due to the fact that our capital market is still not standard,state-owned banks don't have effective constraint on corporate creditor's rights and shareholders especially those of state-owned shares don't have effective constraint on corporate stock ownership;the ineffective constraint on market is best shown by the equity-preference phenomenon of quoted companies in financing;the privatization of the state-owned banks and firms and the reduction and circulation in state-owned shares is the precondition for effective corporate governance by market.