法制环境、两权分离与资本结构动态调整

发布时间：2018-03-09 17:41

  本文选题：法制环境　切入点：两权分离　出处：《财经论丛》2016年09期 　论文类型：期刊论文

【摘要】：本文实证检验了法制环境以及控股股东控制权和所有权分离对资本结构动态调整的影响。研究发现:上市公司控股股东控制权和所有权分离程度越高,实际资本结构偏离最优资本结构的幅度越大,资本结构调整速度越慢;上市公司所处的法制环境越好,实际资本结构偏离最优资本结构的幅度越小,资本结构调整速度越快;法制环境的改善能够显著的缓解两权分离对资本结构动态调整的负面影响;结合中国的制度背景,基于公司产权性质的分析发现,相比国有上市公司,非国有上市公司受法制环境和两权分离的影响更加显著。
[Abstract]:This paper empirically examines the impact of the legal environment and the separation of control and ownership of controlling shareholders on the dynamic adjustment of capital structure. The bigger the range of actual capital structure deviates from the optimal capital structure, the slower the speed of capital structure adjustment, the better the legal environment of listed companies, the smaller the range of actual capital structure deviating from the optimal capital structure, the faster the speed of capital structure adjustment. The improvement of the legal environment can significantly alleviate the negative impact of the separation of the two rights on the dynamic adjustment of the capital structure. In combination with the institutional background of China, based on the analysis of the nature of the property rights of the company, it is found that, compared with the state-owned listed companies, The non-state-owned listed companies are affected more significantly by the legal environment and the separation of the two rights.
【作者单位】： 华中农业大学经济管理学院;浙江财经大学会计学院;
【基金】：中央高校基本科研业务费专项基金(2662015PY231;2662015QD0147)
【分类号】：F271;F275;D922.287
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本文编号：1589570