资本结构治理效应:中国上市公司的实证研究

资本结构影响公司治理的结果最终会体现在公司绩效的变化上。本文通过对1992-2004年间我国上市公司资本结构影响公司绩效的实证分析发现:资产主营业务净利润率、经营费用率和资产利用率三个指标比股票价值能更好地解释资本结构对公司绩效的影响;国家股比例对公司绩效的负向影响越来越不显著;法人股比例和负债融资比例对公司绩效有不显著的正向影响等。这些结论表明,完善资本结构是完善我国上市公司治理结构从而提高公司绩效的重要途径之一。

Governance Effect of Capital Structure: An Empirical Study on Chinese Listed Companies

Effect of capital structure on corporate governance is ultimately expressed as the changes of corporate performance. Based on analysis of the data from Chinese listed companies(1992-2004), we find that ratio of net profit of main operation to total assets, ratio of operation expenditure to income of main operation and ratio of income of main operation to total assets are better to explain the changes of corporate performance than the stock value; state-owner shareholding ratio has less and less effect on corporate performance; corporate shareholding ratio and the ratio of debt to financing are weak positive correlated to corporate performance; no correlation is found between circulating shares and corporate performance; ownership concentration and managerial shareholding ratio have a positive relationship with corporate performance, and there is a significant negative correlation between retained earnings and corporate performance. These conclusions indicate that perfecting capital structure is one of the important approaches to optimize corporate governance and improve corporate performance.