公司证券投资、所有权类型与资本结构决策关系研究

考察了股市收益波动与公司资本结构决策之间的关系,以此分析上市公司是否存在违规举债炒股行为。研究发现:股市收益波动与公司负债水平正相关,即上市公司会根据市场收益情况举债进行证券投资决策,这种正相关关系在非国有企业更为显著;政府的监管政策效果不明显。研究结果证实了上市公司存在违规举债炒股行为,检验了政策效果并明确了监管的重点与方向。

Security Investment,Ownership Type and the Capital Structure Decision of Chinese Listed Firms

In this paper,listed firms’ financing decision is exported by studying the relationship between return variance of stock market and firms’ capital structure decision.The empirical study shows that the level of firm’s debt ration is positively correlated with return variance of stock markets,especially for non-state-owned firms.We also find out that the state-owned firms prefer to make stock investments by their own cash flows because they have light external financing constraints and are easy to bypass the government supervision.