终极所有权结构对资本结构选择的影响——来自中国上市公司的经验证据

发布时间：2018-06-16 23:17

本文选题：终极所有权结构 + 现金流量权　；参考：《中国管理科学》2012年04期

【摘要】：本文使用中国非金融上市公司截面数据,应用一系列OLS实证检验终极所有权结构对资本结构选择的影响。研究发现,终极所有权结构确实影响资本结构选择。具体而言:(1)现金流量权与债务水平正相关;(2)控制权与债务水平负相关;(3)控制权和现金流量权的分离度与债务水平负相关;(4)控制权超过现金流量权的公司具有显著低的债务水平;(5)终极控制股东是国有公司的债务水平显著低于终极控制股东是民营等非国有的公司;(6)董事会成员中终极控制股东派出的董事越多的公司具有相对多的债务水平。本文提供的经验证据支持这样的论点———在控制权超过现金流量权的情况下,终极控制股东会利用手中的控制权"掏空"上市公司,股权融资偏好和减少债务融资以摆脱对"隧道"行为约束的效应明显。
[Abstract]:Using the cross-sectional data of non financial listed companies in China, this paper uses a series of OLS empirical tests to test the impact of ultimate ownership structure on the choice of capital structure. It is found that the ultimate ownership structure does affect the choice of capital structure. (1) the right of cash flow is positively related to the level of debt; (2) the control right is negatively related to the debt level; (3) control The separation of power and cash flow rights is negatively related to the level of debt; (4) the company with control over cash flow rights has a significantly lower debt level; (5) the ultimate control shareholder is a state-owned company's debt level is significantly lower than the ultimate control shareholders are private and other non-state public companies; (6) the directors of the board of directors sent by the ultimate control shareholders. The more the company has a relatively high level of debt. The empirical evidence provided in this article supports the argument that the ultimate control shareholder will take the control over the listed company, equity financing preference and reduce debt financing to get rid of the "tunnel" behavior in the case of control over cash flow rights. Obviously.
【作者单位】：西南交通大学经济管理学院;
【基金】：国家自然科学基金资助项目(71002062) 教育部新世纪优秀人才支持计划项目(NCET-10-0666);教育部人文社会科学研究项目(09XJC630013) 四川省软科学研究计划项目(2010ZR0027)
【分类号】：F275;F832.51

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