基于公司治理因素的我国上市公司资本结构研究
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摘要
资本结构和公司治理一直是国内外财务管理和公司治理研究的热点。在我国经济转型时期,上市公司出现了“一股独大”、负债率过高等资本结构不合理、公司治理效率低下等问题。公司治理是影响资本结构的决定因素之一。高效的公司治理效率是保证企业实现可持续发展的关键所在。国外对资本结构与公司治理的关系的研究已经形成了较为成熟的结论,而在我国仅研究了十几年。因而,本文从公司治理角度入手,研究公司治理因素与资本结构的影响及其关系,对我国上市公司的持续发展具有重要的作用。
本文以公司治理和资本结构理论为依据,在收集整理国内外公司治理成功实践的基础上,系统地研究了基于治理因素的我国上市公司资本结构。首先,通过公司治理与资本结构的研究现状,探讨公司治理与资本结构之间的关系。其次,通过股权结构、高管激励、董事会治理对资本结构的影响分析,确定了影响资本结构的公司治理因素。通过大股东治理、股权制衡、高管激励、董事会治理对资本结构的关系分析,建立了基于公司治理因素的资本结构优化的模型。本文选取我国上市公司2007-2011年374家1870个样本数据,利用AMOS结构方程模型分析软件,对基于公司治理因素的资本结构优化模型进行实证分析。研究结果显示：股权集中度、股权制衡度、独立董事比例、管理者持股比例是影响资本结构的重要因素。最后,根据以上的实证结论,提出我国上市公司资本结构的优化策略。
本文研究特色与创新之处主要表现在：①通过股权结构、高管激励、董事会治理对资本结构的影响分析,确定了影响资本结构的公司治理因素；②在对大股东治理、股权制衡、高管激励、董事会治理与资本结构的关系分析的基础上,建立了基于公司治理因素的资本结构优化的模型；③以我国上市公司2007-2011年1870个样本数据,利用AMOS结构方程模型分析软件,对基于公司治理因素的资本结构优化模型进行实证分析。本文的研究不仅为我国上市公司提供了一套可操作的基于治理因素的资本结构优化途径,而且为完善我国上市公司资本结构的提供了实施策略。
Capital structure and corporate governance are the important areas that represent salient part of financial management and corporate governannce research. As one of the factors that affect the capital structure, corporate governance how to influence the capital structure is the focus of the research in this paper. Corporate governance mainly includes three aspects, ownership structure is the core of corporate governance, board of directors is the decision-making mechanism of corporate governance, executive incentive is the incentive mechanism of corporate governance. Accordingly, Ownership structure introduces the ownership concentration and share ownership's equity balance, and studies its relationship with capital structure; Basing on the proportion of independent directors, this paper studies it how to influence capital structure; Focusing on Executive incentive, the paper also studies the managers shareholding'impact on the capital structure.
Our country is in economic transition period, listed companies showed a lot of problems, such as unreasonable capital structure and low corporate governance efficiency, etc., embodied in“a dominant”, the high debt ratio. Corporate governance is one of the important factors influencing the capital structure, because enterprise's financing decision is largely determined by the corporate governance mechanism. Effective corporate governance efficiency is the key to ensure enterprise sustainable development. At present, the internal and external governance environment is not perfect, which affects the sustainable development of the company. Therefore, from the perspective of corporate governance factors, we study the importance of the corporate governance of listed companies, especially its relationship with capital structure, these are very important. Although the research on the relationship between them has some theoretical and empirical results, but has not yet formed a unified conclusion and theory system. On the basis of the original literature, this paper not only studies that corporate governance influences the capital debt ratio, and also consider the relationship between corporate governance and debt maturity structure.
The characteristics and innovation of this paper mainly displays in:(1) through analyze the impact of the ownership structure, executive incentive, governance of the board of directors on capital structure, determine the factors of corporate governance influencing the capital structure;(2) based on the analysis of the relationship between capital structure and corporate governance in the major shareholder, equity checks and balances, the executive incentive, governance of the board of directors, build up the model of capital structure;(3) use AMOS to analyze1870sample data in Chinese listed companies from2007to2011, and then obtain the empirical resultes based on corporate governance factors on capital structure optimization model. In this paper, the study not only for listed companies in China provides a set of operational optimization approach for capital structure basing on governance factors, and puts forward the implementation of the strategy for capital structure of listed companies
本文以公司治理和资本结构理论为依据,在收集整理国内外公司治理成功实践的基础上,系统地研究了基于治理因素的我国上市公司资本结构。首先,通过公司治理与资本结构的研究现状,探讨公司治理与资本结构之间的关系。其次,通过股权结构、高管激励、董事会治理对资本结构的影响分析,确定了影响资本结构的公司治理因素。通过大股东治理、股权制衡、高管激励、董事会治理对资本结构的关系分析,建立了基于公司治理因素的资本结构优化的模型。本文选取我国上市公司2007-2011年374家1870个样本数据,利用AMOS结构方程模型分析软件,对基于公司治理因素的资本结构优化模型进行实证分析。研究结果显示：股权集中度、股权制衡度、独立董事比例、管理者持股比例是影响资本结构的重要因素。最后,根据以上的实证结论,提出我国上市公司资本结构的优化策略。
本文研究特色与创新之处主要表现在：①通过股权结构、高管激励、董事会治理对资本结构的影响分析,确定了影响资本结构的公司治理因素；②在对大股东治理、股权制衡、高管激励、董事会治理与资本结构的关系分析的基础上,建立了基于公司治理因素的资本结构优化的模型；③以我国上市公司2007-2011年1870个样本数据,利用AMOS结构方程模型分析软件,对基于公司治理因素的资本结构优化模型进行实证分析。本文的研究不仅为我国上市公司提供了一套可操作的基于治理因素的资本结构优化途径,而且为完善我国上市公司资本结构的提供了实施策略。
Capital structure and corporate governance are the important areas that represent salient part of financial management and corporate governannce research. As one of the factors that affect the capital structure, corporate governance how to influence the capital structure is the focus of the research in this paper. Corporate governance mainly includes three aspects, ownership structure is the core of corporate governance, board of directors is the decision-making mechanism of corporate governance, executive incentive is the incentive mechanism of corporate governance. Accordingly, Ownership structure introduces the ownership concentration and share ownership's equity balance, and studies its relationship with capital structure; Basing on the proportion of independent directors, this paper studies it how to influence capital structure; Focusing on Executive incentive, the paper also studies the managers shareholding'impact on the capital structure.
Our country is in economic transition period, listed companies showed a lot of problems, such as unreasonable capital structure and low corporate governance efficiency, etc., embodied in“a dominant”, the high debt ratio. Corporate governance is one of the important factors influencing the capital structure, because enterprise's financing decision is largely determined by the corporate governance mechanism. Effective corporate governance efficiency is the key to ensure enterprise sustainable development. At present, the internal and external governance environment is not perfect, which affects the sustainable development of the company. Therefore, from the perspective of corporate governance factors, we study the importance of the corporate governance of listed companies, especially its relationship with capital structure, these are very important. Although the research on the relationship between them has some theoretical and empirical results, but has not yet formed a unified conclusion and theory system. On the basis of the original literature, this paper not only studies that corporate governance influences the capital debt ratio, and also consider the relationship between corporate governance and debt maturity structure.
The characteristics and innovation of this paper mainly displays in:(1) through analyze the impact of the ownership structure, executive incentive, governance of the board of directors on capital structure, determine the factors of corporate governance influencing the capital structure;(2) based on the analysis of the relationship between capital structure and corporate governance in the major shareholder, equity checks and balances, the executive incentive, governance of the board of directors, build up the model of capital structure;(3) use AMOS to analyze1870sample data in Chinese listed companies from2007to2011, and then obtain the empirical resultes based on corporate governance factors on capital structure optimization model. In this paper, the study not only for listed companies in China provides a set of operational optimization approach for capital structure basing on governance factors, and puts forward the implementation of the strategy for capital structure of listed companies
引文
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[2]Gillan, S.L., Recent developments in corporate governance:an overview [J]. Journal of Corporate Finance,2006.12(3):381-402.
[3]李维安,等,公司治理研究的新进展：国际趋势与中国模式[J].南开管理评论,2011(6)：13-24.
[4]李维安,中国公司治理改革-转型的二十年[J].南开管理评论,2010.13(6).
[5]Hermalin, B.E., Trends in corporate governance [J]. The Journal of Finance,2005.60(5): 2351-2384.
[6]Adams, R.B. and D. Ferreira, Women in the boardroom and their impact on governance and performance [J]. Journal of Financial Economics,2009.94(2):291-309.
[7]刘绪光,李维安,基于董事会多元化视角的女性董事与公司治理研究综述[J].外国经济与管理,2010.4：007.
[8]Faleye, O., Classified boards, firm value, and managerial entrenchment [J]. Journal of Financial Economics,2007.83(2):501-529.
[9]Aggarwal, R.K. and A.A. Samwick, Empire-builders and shirkers:Investment, firm performance, and managerial incentives [J]. Journal of Corporate Finance,2006.12(3): 489-515.
[10]Shleifer, A. and R.W. Vishny, A survey of corporate governance [J]. The journal of finance, 2012.52(2):737-783.
[11]高佳卿,曲世友,公司治理与资本结构优化问题[J].管理工程学报,2000.14(3)：23-27.
[12]王峰,王国成,企业治理结构与资本结构的关系及其相互优化[J].北京机械工业学院学报,2002.17(2)：16-21.
[13]田中禾,秦小辉,权益资本结构视角的上市公司治理探析——基于企业生命周期理论性态[J].华东经济管理,2009.23(4)：73-77.
[14]蔡波,周锦平,资本结构与公司治理[J].法商论坛,2010(001)：156-156.
[15]郑家喜,资本结构对家族上市公司治理效率影响的实证研究[J].管理世界,2007.9：026.
[16]张彩江,戴琰婷,资本结构对中小企业公司治理效率的影响研究——来自深交所中小板49家上市公司的证据[J].财会通讯：综合(下),2011(3).
[17]陈希,公司治理与债务期限结构的互动关系研究[D],2008,湖南大学.
[18]张慧,张茂德,债务结构,企业绩效与上市公司治理问题的实证研究[J].改革,2003.5：77-81.
[19]Jiraporn, P. and P. Kitsabunnarat, Debt maturity structure, shareholder rights, and corporate governance. Shareholder Rights, and Corporate Governance (July 7,2007) [D],2007.
[20]Hart, O. and J. Moore, A theory of debt based on the inalienability of human capital [M], 1995, National Bureau of Economic Research.
[21]Rajan, R. and A. Winton, Covenants and collateral as incentives to monitor [J]. The Journal of Finance,2012.50(4):1113-1146.
[22]肖作平,公司治理对资本选择的影响——理论和证据[J].管理科学学报,2008.11(5)：129-144.
[23]高雷,丁章华,公司治理影响资本结构吗[J].财贸经济,2010(9)：13-21.
[24]肖作平,廖理,大股东,债权人保护和公司债务期限结构选择——来自中国上市公司的经验证据[J].管理世界,2007(10)：99-113.
[25]Datta, S., M. ISKANDAR-DATTA, and K. Raman, Managerial stock ownership and the maturity structure of corporate debt [J]. the Journal of Finance,2005.60(5):2333-2350.
[26]肖作平,公司治理影响债务期限结构类型吗?——来自中国上市公司的经验证据[J].管理工程学报,2010.24(1)：10-123.
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[28]Jiraporn, P., et al., Capital structure and corporate governance quality:Evidence from the Institutional Shareholder Services (ISS) [C]. International Review of Economics & Finance, 2011.
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