资本结构的公司治理效应研究

【作者】 江伟；

【导师】 何进日；

【作者基本信息】 湖南大学 ， 会计学， 2003， 硕士

【摘要】 资本结构理论是现代财务理论的重要理论之一，它经过五十多年的发展，形成了各种理论与学派。进入20世纪70年代，随着公司治理理论的提出，人们对资本结构理论研究的重点开始转移到对公司治理效应的研究上来，形成了资本结构的公司治理结构学派，取得了丰富的研究成果。目前国内外的学者普遍认同的观点是：在既定的制度框架下，资本结构是公司治理的基础和依据，公司治理结构是资本结构的体现和反映；资本结构的选择在很大程度上决定着公司治理效率的高低。 当前我国正处于经济体制的转轨时期，国有企业改革的深化面临着太多的公司治理问题。我国上市公司“一股独大”的畸形股权结构，导致了上市公司严重的内部人控制问题和经理人员报酬激励的不足；而公司与银行之间的传统关系及债券融资比重低的状况，导致了上市公司负债的约束机制得不到发挥，两方面的原因最终导致了我国上市公司资本结构的公司治理效应的普遍弱化，这些问题不是一味模仿西方发达国家的公司治理模式就能一一解决的。本文正是针对这些问题展开讨论，通过对我国上市公司资本结构的公司治理效应的现状分析和实证分析，提出了优化我国上市公司资本结构、提高公司治理效率的方案，并从投资者保护这一新的角度分析了资本结构的公司治理效应及给我们的启示，认为我国资本结构公司治理效应改善的当务之急是投资者保护的完善。更多还原

【Abstract】 Theory of capital structure is one of the most important modern theories of finance. In the seventies of twentieth century, with theory of corporate governance being brought out, the attention to study on theories of capital structure has been paid to its efficiency on corporate governance, therefore, the school of capital structure on corporate governance has been formulated and attained a lot of research achievement. Nowadays, the common argument accepted by domestic and foreign scholars is that: under the existed institution framework, capital structure is the base and principle of corporate governance, corporate governance structure is the reflection of capital structure; To some extent, the efficiency of corporate governance is determined by the choice of capital structure.Our country is in the period of economic transition, the reform proceeding of stated-owned companies is confronted with so many problems of corporate governance. The abnormality equity structure in which state-owned shares are in dominated proportion leads to serious problems of insider control and deficient motivation to managers of listed companies. However, the traditional relationship between listed companies and banks, as well as small proportion of corporate bond financing, leads to failure of constraint mechanism of debt. Those two reasons eventually lead to commonly weaken of capital structure’s efficiency on corporate governance of our listed companies. Those problems can not be solved by simulating corporate governance pattern of western developed countries. Based on the current situation of our listed companies, this paper discussed the improvement of corporate governance of our listed companies. What’s more, it analyzed the efficiency of capital structure on corporate governance in view of investor protection, through which it brought out us an enlightenment. The enlightenment is that, in order to improve the efficiency of capital structure on corporate governance of our listed companies, the most emergency is to perfect our investor protection.更多还原