【作者】 费喜敏；

【导师】 罗知颂；

【作者基本信息】 广西师范大学 ， 国民经济学， 2006， 硕士

【摘要】 我国处于向市场经济转轨时期,以上市公司为代表的公司资本结构表现出了与发达市场经济国家不同的特征。其中一些特征是由我国国情客观决定的:上市公司股权属性的复杂化,分为国家股,法人股和流通股;占总股本大约67%的国家股和法人股不能上市流通1;国有股“一股独大”,这些特殊问题的解决必须靠国家强制性改革。而另外一些特征:上市公司资产负债率偏低,存在强烈的股权融资偏好,负债融资倾向于短期负债,这些问题可以通过国家政策引导或其他配套改革来解决。资本结构存在的问题直接对公司治理结构从而对治理效率产生影响,所以从资本结构视角研究公司治理结构是有意义的。根据行业竞争程度选择了电力、煤气、水的生产供应业和电子行业分别作为垄断性行业和完全竞争行业的代表,医药行业的竞争程度介于二者之间,作为不完全竞争行业的代表。通过实证分析股权属性和公司绩效的关系,得出如下结论:第一、垄断性行业的国家股比例与公司绩效成U形关系,国家股比例超过30%左右之后,公司绩效随着国家股比例的提高而上升;而竞争性行业法人股比例与公司绩效成U形关系;流通股比例对两种行业的公司绩效没有影响。由于垄断性行业需求价格弹性较低,并且一般是国家定价的,国家股比例高的垄断性企业产品定价较高,从而绩效会高于国家股比例低的垄断性企业,但是是以消费者的损失为代价的,造成社会总福利的减少。所以要以股权分置改革为契机,对不是处于国家战略地位的垄断性行业和竞争行业减持其国有股,引入法人股,尤其是战略投资者;同时降低进入壁垒,提升行业的竞争性,从而公司的内部治理和外部治理都得到了改善。另外,要加强对中小股东的保护,可以仿效美国实施“集体诉讼”和“辩方举证”;同时可以参考德国的“上市公司代理中小股东投票制”加强对中小股东的保护。第二、公司绩效与第一大股东持股比例负相关,相对控股公司的绩效优于绝对控股公司。绝对控股公司由于缺少其他股东的监督制衡,弱化了公司外部治理和内部治理作用的发挥。大股东利用绝对控股地位为所欲为,专断治理,诚信意识差,导致公司治理结构不完善,或是看似完善实则一塌糊涂。据披露大股东滥用上市公司资金,甚至拖垮上市公司更多还原

【Abstract】 Because our country is among switching into the market economy, capital structure of the listed company displays different treats with developed market-economy country. Some characteristics are completely decided by our national condition, for example, the complication of the listed company’s stockholder attribute, that can be divided into the national stock, the corporation stock and the public circulation stock, and the national stock and the corporation stock can’t to circulate in market are about 67% of all stock; and the state-owned stock is specially great. To resolve these special questions must depend on national forcing reform. But some other characteristics, such as the somewhat low of the property debt rate in listed company, the intense preference to finance by stock, and debt-financing always by short-time debt, can be solved by national policy’s leading and some relative reform. Our troubles about capital structure influence directly governance structure and governance efficiency. For example, the dummy of property right’s owner in the national stock, excessively long of consignor-deputy’s chain, and national stock’s special great, all these factors will increase the cost; national stock, corporation stock and public circulation stock have different aim-function, artificial complication of stock attribute increases inevitably the difficulty to govern the company; the low property-debt rate of listed company will limit the governance function of creditor, and too much the cash-current manager can control will reduce the limit to the manager.On the demonstration research of the relation between capital structure and corporation governance, our many scholars don’t consider industrial competitive factors. According to the degree of industrial competition, this paper selects the production and supply industry of electric power, gas and water as monopolistic industry’s representatives; Electronics industry as fully competitive industry’s representatives; and the degree of competition of pharmaceutical industry is between the above two industries, as the representatives of incomplete competitive industry.First, this paper by demonstration analysis discoveries that national stock proportion in the monopoly industry appears the“U”shape relations with the company achievements, after the national stock proportion surpassing about 30%, the company achievements rises along with the national stock proportion’s enhancement; but corporation stock proportion in the competitive industry appears the“U”shape relations with the company achievements; the public circulation stock proportion doesn’t influence company achievements. Demand-price elasticity in monopoly industry is lower, and the price is fixed by the country, the monopoly enterprise owns higher national stock proportion will inevitably obtain more government’s care, the price will be higher, so the attributes will be better than the monopoly industry its national stock proportion is lower. But the excellent attributes is as the cost of the reduction of the consumer surplus namely consumer’s loss and reduce total social welfare. Therefore, to some monopoly industries don’t belong to national strategy position, we should reduce their national stock, and introduce corporation stock, especially the strategic investor, simultaneously reduce the barrier to enter更多还原