【作者】 李勐；

【导师】 李红霞；

【作者基本信息】 哈尔滨理工大学 ， 管理科学与工程， 2004， 硕士

【摘要】 资本结构是企业酬资决策的核心问题。其主要是指债务资本(B)和股权资本(S)的比例关系,一个公司的全部市场价值(V)是V=B+S。资本结构与公司治理有着重要的内在联系。从委托代理关系的角度而言,不同的资本结构对抑制经理过渡投资、较好地激励经理,促使公司收缩和清算等方面具有不同的效果。因此,从资本结构角度研究公司治理具有重要意义。全文以委托代理理论为基础,先从理论上论证了股权结构、债务结构以及其他因素对公司治理与绩效的影响。然后,采用2002年底以前上市公司的年报数据,运用多元线性回归的分析方法,从股权集中度、控股股东性质以及持股比重三个角度对股权结构与公司绩效的关系进行了实证分析,其中将代表融资能力的资产负债率指标放在控制变量里,并通过分析实证结果,提出改善股权结构的政策建议。实证研究表明,股份的集中度及其构成对公司的业绩有很大的影响:第一,股权集中度与公司绩效不存在固定的相关关系,其相关性具体取决于市场规范、法律保护的完善程度。第二,社会法人控股的公司业绩好于国家控股的公司。社会法人股所占比重对公司绩效有显著的正面影响;国有股对公司绩效有显著的负面影响。这些研究结果说明社会法人在公司治理中起重要作用,国有股份的效率低下。第三,资产负债率可以向市场传递经营状况的信号,与公司的市场表现呈正相关关系。根据以上实证结论,提出了将国有股转化为社会法人股和将国有股转化为债务的方法来实现国有股减持。这两种方法不但能够改善公司的治理结构,提高公司的绩效而且解决了不流通股变成流通股所造成的瞬间扩容太大所带来的市场压力。更多还原

【Abstract】 The capital structure is the core content of the enterprise financing decision-making. It is the proportion of debt capital (B) and ownership capital (S). The whole market value of a company (v) is V=B+S. The capital structure has important internal relationship with corporate governance. From the point of view of the principal-agent theory, different capital structures have different effects on restraining manager’s excessive investment, bestirring manager preferably, and urging company’s constriction and liquidation. Therefore, it has important support that research corporate governance from the point of view of capital structure. The whole paper bases on the principal-agent theory, and firstly demonstrates the effects of the ownership structure, debt structure and other secondary factors on corporate governance and company performance in theory. Then, we use the method of multianalysis in analyzing the 2002’s annals datum of the Chinese listed company, from three points of view of the ownership concentration, the character of the controlling stockholder and the proportion of shares. And set the Ratio of Liabilities to Assets index into control variables. We offer a policy proposal for improving the ownership structure according to the result of analysis. Our research indicates that the ownership concentration and structure have great effects on company performance: first, there is no a fixed relationship between ownership concentration and company performance, and the correlation is decided by market criterion and the law protect. Secondly, the performance of the company that social legal persons control is better than the performance of the state-owned company. The proportion of social legal shares has a positive effect on company performance. The proportion of state-owned shares has a notable negative effect on company performance. The research results indicate that social legal persons operate on corporate governance very much and the efficiency of state-owned shares is low. Thirdly, Ratio of Liabilities to Assets can signal the management status to matket, and has positive a correlation with the company’s market performance. Based on the upper conclusion, <WP=6>we offer a proposal that realize the reduction of state-owned shares by transforming the state-owned shares to social legal person’s stock and transforming the state-owned shares to debt. Both methods not only can improve corporate governance structure and company performance, but also settle the market pressure when non-circulation shares transform into circulation shares.更多还原