股权结构对资本结构影响的实证研究

该文基于资本结构的代理理论,结合我国上市公司独特的股权结构特征,通过实证分析,探讨了股权结构与资本结构之间的关系.研究表明股权结构是资本结构的重要决定因素,并且股权结构的变化也会对资本结构的动态调整产生影响,其中管理者持股比例、国家股比例均与负债比率呈显著正相关,但法人持股与资本结构之间的关系不显著.研究还表明公司的成长性、规模、非负债税盾以及盈利性也是影响我国上市公司资本结构的重要因素.

Ownership Structure and Capital Structure:The Perspective of Agency Theory

Based on the agency theory, this study empirically examines the influence of agency costs and of ownership structure on the capital structure of the firm in consideration of the particular equity ownership characteristics of China. The study shows that the equity ownership structure is a determinant element of overall capital structure. The changes of equity ownership may influence the dynamic adjustment of capital structure. Furthermore, It finds that the proportion of stock-holding of executives and of state-owned firms is positively related to deht ratio, but the relationship between stockholding of institutional investors is not marked. This paper also points out that growth opportunities, firm scale, non-debt tax shield, profitability are all the significant factors which have great impacts on the capital structure in China.