公司治理与资本结构对上市公司价值创造能力综合影响的实证研究

董事会特征、股权结构、资本结构、公司财务、公司价值等都是不可直接观测的潜变量,为定量研究其内在关系带来了挑战。本文在分析公司治理与资本结构对上市公司价值创造能力影响机理的基础上构建结构方程模型,通过因子分析对潜变量进行计量,通过路径分析讨论潜变量之间的依赖关系,并建立上市公司价值创造能力影响因素的综合分析框架,从整体上评估董事会特征、股权结构、资本结构、公司财务等因素对上市公司价值创造能力的直接和间接影响效果。结果表明:董事会特征与股权结构对上市公司价值创造能力的直接影响都不显著,只是存在间接影响;资本结构既存在直接影响,也存在间接影响;公司财务存在直接影响;进一步,按照对上市公司价值创造能力总体影响程度大小依次排序为:资本结构、股权结构、公司财务、董事会特征。

An Empirical Study on Corporate Governance and Capital Structure's Comprehensive Influence on Ability of the Listed Company Value Creation

The characteristics of board of directors, ownership structure, capital structure, corporate finance, the value of the company are latent variables, which bring a challenge for the quantitative research on their relationship. To address this issue, a comprehensive analysis framework utilizing the SEM technique is proposed. The process of SEM modeling has two steps. In the first step, the latent variable is measured by using factor analysis approach. In the second step, the relationship between latent variables is estimated through path analysis method. For illustration, our methods is applied to the listed company in China. In the empirical analysis, the direct effect and indirect effect of board of directors', ownership structure's, capital structure's and corporate finance's influence on ability of the listed company value creation are estimated. The empirical results show that: direct effects of the board characteristics' and ownership structure's are not significant, while the indrect effects are significant. Capital structure has both direct effects and indirect effects, and corporate finance has only direct effect. Further, the influence degree on ability of the listed company value creation is: capital structure, ownership structure, corporate finance, board characteristics in sequence.