【摘要】 以1997年12月31日以前在深沪两地上市的A股公司1998~2002年度公开数据为研究的观测值,对股权结构与资本结构的理论假说进行了实证检验。证据显示,经理人员持股和股权集中对企业资本结构的选择有显著影响。国有股和流通A股的存在对企业资本结构的选择影响较小,法人股的存在对企业资本结构的选择存在一定影响。更多还原

【Abstract】 Using the panel data of A-share companies that were listed on Shanghai and Shenzhen stock exchanges before December 31 1997 during 1998-2002, this paper conducts an empirical exanimation on empirical hypotheses. The evidence shows that management shareholdings and ownership concentration have significant influence on the selection of corporate capital, state-owned shares and tradable A-shares have little influence on capital choice, and institution-owned shares have a little impact on capital selection.更多还原