【摘要】 本文在代理成本理论的背景下,分析了股权结构对资本结构的影响,并利用1998年年底之前在上海和深圳交易所上市的498家上市公司1999至2001年3年间1494个观察值为样本进行了实证分析。结果表明不同类型的股权结构对公司资本结构的影响存在着很大差异;虽然中国上市公司的股权结构和资本结构具有一定的特殊性,但它们在减少所有者—管理者利益摩擦和降低代理成本等方面仍然发挥着一定程度的积极作用。更多还原

【Abstract】 This paper investigates whether capital structure is sensitive to the structure of firm ownership based on the theory of agent cost. And we make the positive test using 1494 observations of 498 listed firms on Shanghai and Shenzhen Stock Exchange Market between the years 1999-2001. The results show that the difference of ownership structure leads to different influence on the capital structure. We also find that the ownership structure and capital structure can take rather active position in reducing the friction between the proprietor and the manager and decreasing the agency cost in spite of the particularity of Chinese listed firms.更多还原