【作者】 丁洁；

【导师】 林民书；

【作者基本信息】 厦门大学 ， 政治经济学， 2008， 硕士

【摘要】 企业不同资金来源的组合产生了不同的资本结构,而资本结构背后反映的是相关利益主体、股东、债权人与公司之间不同的利益关系。早期的资本结构研究主要是描述资本结构与公司价值或市场绩效表现之间的关系,缺乏严密的理论推导和实证检验。现代资本结构理论虽然逻辑严密,但主要是研究税收和破产成本等公司外部因素对资本结构和公司价值的影响。后现代资本结构理论把公司治理的制度性安排引入资本结构的研究中,从而把资本结构问题的研究推进到了一个新的阶段。公司治理对公司发展是至关重要的,不同的治理结构对公司的资本结构会造成不同的影响。合理的公司治理模式可以优化资本结构;适当的资本结构选择又可以促进公司治理结构的改善,提高公司治理效率。目前,我国上市公司在资本结构方面存在诸多缺陷,在公司治理方面也存在一系列的不足,这使得上市公司的治理绩效也不尽如人意。为了更好地构建最优资本结构、最佳公司治理结构,实现企业价值最大化,我们必须清楚地了解资本结构与公司治理的内在联系,从优化上市公司的资本结构和公司治理两个方面着手,提高公司治理效率,促进我国现代企业改革的顺利进行。本文根据社会主义市场经济的要求,借鉴国际经验,综合运用交易成本理论、委托代理理论、资本结构契约理论等现代经济学理论的分析方法和分析技术,对我国上市公司的资本结构治理效应进行深入、系统的研究。本文循着资本结构理论发展的基本轨迹,在分析我国资木结构以及公司治理现状的基础上,借鉴吸收前人的研究成果,系统地探讨了我国上市公司资本结构与公司治理结构的互动关系。研究目的在于为公司资本结构和公司治理结构的研究提供一种新的方法和思路,为我国上市公司的资本结构治理和公司治理提供借鉴。在研究资本结构如何影响公司治理结构时,本文主要是从股权结构和债务结构两方面着手。研究认为,股权资本对公司治理的影响主要体现在公司治理结构的安排上,不同的股权结构决定了不同的股东大会监控机制、董事会及监事会人选和工作效率,以及不同的经理层安排。负债资本对公司治理的影响主要体现在负债的硬约束特性,不同的债务结构会形成不同的激励机制和约束机制。在研究公司治理如何影响企业资本结构类型(债务比率高和低)时,文章收集了1000家上市公司2003-2006年的相关数据,采用实证研究的方法进行分析。本研究的实证结论支持了论文的研究假设,即当企业的公司治理水平高时,管理者受到更严格的监督,控股股东的机会主义行为受到限制,公司可能使用较高的负债。在上述两方面研究的基础上,本文还就我国上市公司存在的问题,提出了诸多具有建设性的优化建议来提高上市公司的治理效应。更多还原

【Abstract】 The different capital structure is composed by the different resource of the capital. The capital structure reflects the different relationships of stock holders, the creditor; the related subjects and the corporate. Early capital structure research mainly described the relationship between capital structure and corporate value or market performance lacking strict theoretical deduction and empirical test. Although modern capital structure theory has a strict logic, its primary research subject is the impacts on capital structure and corporate value caused by firm’s external factors as tax and bankrupt cost, etc. And post-modern capital structure theory introduces institutional arrangement of corporate governance to the study of the capital structure, which has advanced the issue of capital structure research to a new stage. The corporate governance is very important to the corporate development. Different governance structure influences the capital structure differently. The appropriate corporate governance structure can optimize the capital structure; the appropriate capital structure can ameliorate the corporate governance structure, and increase the efficiency of the corporate governance.Recently, there are lots of deficiencies in the capital structure and the corporate governance about the listed companies in China which made the performance of the corporate governance is discontented. In order to construct the optimal capital structure, construct the best corporate governance, maximizing the corporate value, the first thing we should do is to find out the inner relationship of the capital structure and the corporate governance. Then increasing the efficiency in corporate performance, promote the progress of the modern enterprises reformation smoothly from the two aspects—optimize the capital structure and corporate governance.On the base of the requirement of the modern socialist market economy, this essay will make use of the analytical method and technique of the modern economics theory, such as the International business management experience and synthetically use the transaction cost theory, principle-agency theory, capital structure contract theory, in order to make a thorough and systematic research of the governance effect of capital structure. This paper discussed about the correlation ship of capital structure and corporate governance about the Listed Companies in China following the paces of development of capital structure theory, absorbing others’ experience and lessons and using empirical research as the main method. The purpose of this essay is to provide a new method for the research of the capital structure and corporate governance structure; Analyze and determinate the actuality of the corporate governance structure in Chinese listed company. In the meantime, this essay put some attentions to the determination of the impacting factors of the capital structure of the listed companies; Provide some political reference for the capital structure governance and corporate governance.This paper discussed how the capital structure influences the corporate governance structure from the 2 aspects- equity financing & liability financing. It is considered that the ownership capital influence the corporate governance on the arrangement of the corporate governance structure. The ownership structure decides the monitoring mechenism, the efficiency of the directorate and the board of supervisors, and the arrangement of the manager layers. The liability capital will decide the stimulation of the manager and the constraint mechanismWhen do the research of how the corporate governance structure influence the type of capital structure, the paper selected the data from the year 2003 to 2006 annual reports about 1000 listed companies as the sample. After using the empirical analysis method to discuss the correlation ship of the capital structure and the corporate governance structure, we found that the high level of the governance, the stricter supervise to the manager; the more restrictions to the majority stockholder, the high debt the corporate used.On the basis of those two aspects, lots of the constructive suggestions are proposed in the end of the paper.更多还原