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我国上市公司股权结构与债务期限结构关系分析

Analysis on the Relationship between Ownership Structure & Debt Maturity Structure of Listed Chinese Companies

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【作者】 程书强许存兴

【Author】 CHENG Shu-qiang1,2,XU Cun-xing2(1.School of Economics and Finance,Xi′an Jiaotong University,Xi′an 710061,China;2.Department of Administrative Science,Weinan Teachers University,Weinan 714000,China)

【机构】 西安交通大学经济与金融学院渭南师范学院经济与管理学院

【摘要】 以债务期限结构为解释变量,第一大股东持股比例、第一大股东性质、少数大股东持股集中度、国有股比例、流通股比例、管理层持股比例和社会法人股比例为解释变量,经过回归分析,得出少数大股东持股集中度、第一大股东性质、国有股比例、社会法人股比例、H1指数和Z指数与债务期限结构正相关,第一大股东持股比例、管理层持股比例、流通股比例与债务期限结构负相关的结论。

【Abstract】 Taking as the explanatory variables the debt maturity structure,the shareholding ratio of the largest shareholders,the nature of the first largest shareholder,the concentration of a few large shareholderss,the proportion of state-owned shares,the proportion of circulating shares,the proportion of management layer and the proportion of the social legal person shares,a conclusion was arrived at by way of regression analysis that the concentration of a few large shareholders,the nature of the first largest shareholder,the proportion of state-owned shares,the proportion of the social legal person shares,H1 Index and Z index have a positive correlation with the debt maturity structure,and the shareholding ratio of the first largest shareholder,the proportion of shareholding of the management layer,and the protortion of the circulating shares have a negative correlation with the debt maturity structure.

【基金】 教育部2009年“新世纪优秀人才支持计划”(NCET-10-0875)
  • 【文献出处】 西安交通大学学报(社会科学版) ,Journal of Xi’an Jiaotong University(Social Sciences) , 编辑部邮箱 ,2011年04期
  • 【分类号】F224;F275
  • 【被引频次】14
  • 【下载频次】521
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