公司治理对资本结构的影响研究——基于沪深股市775家上市公司的分析

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浙江财经学院硕士学位论文

摘要

企业不同资金来源的组合产生了不同的资本结构，而资本结构背后反映的是

相关利益主体与公司之间不同的利益关系。随着资本结构理论的发展，基于委托

代理关系的资本结构理论诸如代理成本理论、激励理论、控制权理论、信号传递

理论、优序融资理论的形成，公司治理的制度性安排已被引入到了资本结构的研

究中，公司治理对公司发展是至关重要的，对公司的资本结构有着非常重要的影

响。

目前，我国上市公司在资本结构和公司治理两个方面都存在一系列问题：股

权融资偏好导致资产负债率偏低；负债中流动负债偏高，长期负债比例普遍较低；

股权高度集中；股票流动性差；公司治理结构不合理、治理机制弱化、治理环境

不完善等。这些问题倘若长期不能得到有效解决和改善，必将严重阻碍和影响上

市公司的持续健康发展。

有鉴于此，本文以上市公司为研究对象，采用规范和实证结合的研究方法，

在阐述公司治理及资本结构若干基本问题的基础上，先从理论上分析公司治理对

资本结构的影响，提出一系列研究假设，然后运用沪深股市 775 家上市公司

2005-2007 年的相关数据，采用实证研究的方法进行分析（利用统计性描述分析上

市公司治理和资本结构的现状，通过主成分回归分析公司治理对资本结构的影

响）。实证研究结果表明我国上市公司治理水平与公司的资产负债率存在正相关关

系，即当企业的公司治理水平高时，管理者受到更严格的监督，控股股东的机会

主义行为受到限制，公司可能使用较高的负债。

最后，根据理论分析和实证分析的结论，采用规范研究的方法从公司治理视

角提出若干优化上市公司资本结构的建议：第一，完善公司治理结构。优化股权

结构；健全董事会制度，发挥独立董事的作用；强化监事会的监督力度；科学确

定CEO 任期；发挥债权人（特别是银行）的治理作用。第二，完善公司治理机制。

在公司内部，设计一套有效的激励机制、监督机制和决策机制；在公司外部，培

育公司控制权市场；规范产品竞争市场；培育完善的职业经理人市场；发展公司

债券市场。第三，改善公司治理环境。完善公司治理相关的法律法规体系，创造

良好的公司文化等。这些措施的实施有助于上市公司树立科学的公司治理理念，

建立健全公司治理的结构、机制与环境，从而为资本结构的优化提供保障，最终

促使上市公司持续发展。

通过本文的研究，我们试图在以下方面有所突破：

浙江财经学院硕士学位论文

1.根据公司治理问题产生的根源和公司治理自身的特征，提出自己关于公司

治理的理解，揭示公司治理的本质，认为公司治理本质上是对公司控制权和剩余

索取权的有效配置和对各方面利益关系的有效协调，内容上包括治理结构、治理

机制和治理环境，进一步完善了公司治理的概念。

2.认为完善公司治理是优化资本结构的关键。分析发现，我国上市公司偏好

股权融资的背后隐藏着比较严重的公司治理方面的问题，如果公司治理弱化或失

效，经理人员就有采取有利于自己而损害外部股东利益的融资政策的动机，进而

对上市公司资本结构产生不利的影响。因此，要优化上市公司的资本结构，就应

该改善其公司治理，完善公司治理是优化资本结构的关键。

3.本文从公司治理结构、治理机制和治理环境三个方面提出了一系列通过完

善公司治理来优化资本结构的具体措施，强调债权人（尤其是银行）在上市公司

治理中的特殊作用，构建基于协调各方面利益关系的激励、监督、约束机制，重

视外部市场机制的积极作用，创造良好的治理环境，拓宽了基于公司治理视角优

化资本结构的视野。

关键词：公司治理；资本结构；影响因素；优化途径

浙江财经学院硕士学位论文

III

ABSTRACT

The different capital structure is composed by the different resource of the capital,

and the capital structure reflects different interest relations between correlative interest

subjects and the corporation. With the development of capital structure theory and the

formation of agency cost theory, motivation theories, mastery theory, signaling theory

and pecking-order theory, corporate governance has been brought into the study of

capital structure, which is essential to the development of a corporation, and it has much

influence to a corporation’s capital structure.

At present, there are still series of problems in both the capital structure and the

corporation governance in China’s listed companies: the lower liabilities level caused by

equity financing preference; high current liabilities and low long-term debt ratio; highly

concentrated stock rights; poor stock liquidity; unreasonable structure and mechanism

of corporate governance, imperfect corporate governance environment, which severely

undermine the health, stability and development of listed companies.

This paper uses both normative and empirical research methods to research listed

companies. On the basis of expounding the basic issues of corporate governance and

capital structure, the paper selects the data from the year 2005 to 2007 annual reports

775 listed companies as the sample to analyze the influence of corporate governance to

capital structure. The result of empirical research shows that positive correlation exists

between the level of corporate governance and asset-liability ratio of listed companies in

China. That is to say, when listed companies are at a good corporate governance level,

the managers are under more rigorous regulation, opportunistic behavior of the majority

shareholders will be limited, and listed companies can use higher liability.

Finally, based on the conclusions of the theoretical analysis and the empirical

analysis, we put forward the corresponding recommendations: First, perfecting

corporate governance structure: diversification of equity structure; independency of

directorate decision-making; aggrandizement of the rights of board of supervisors;

rationalization of CEO’s prefecture; effectuation of creditors (especially banks)

governance. Second, perfecting corporate governance mechanism: to design effective

incentive mechanism, supervision mechanism and decision-making mechanism inside

the company, and to improve the market of the control, to regulate competition in

浙江财经学院硕士学位论文

product market; to cultivate high standard professional manager market, to develop the

bond market outside the company. Third, improving the governance environment: to

perfect relative laws and to create favorable company culture. Such measures would

help to listed companies set up scientific governance conception, establishing complete

the governance structure, mechanism and environment, ensuring the optimizing of the

capital structure and the long-term healthy development of the listed companies.

The creations of this paper are listed below:

Firstly, according to the root and the characteristics of corporate governance, this

paper reveals the nature of corporate governance. That corporate governance is the

effective allocation of the right of the company and the effective co-ordination of all

aspects of the interest’s relationship，including the corporate governance structure,

governance mechanism and governance environment，to further perfect the concept of

corporate governance

Secondly, corporate governance is the key of the optimizing of capital structure. If

corporate governance becomes weakening or disabled, managers will has the motivation

to adopt financing strategies that are in favor of themselves and infringement the

interest of other shareholders, which would exert adverse influence to the capital

structure of listed companies.

Thirdly, this paper provides series of measures to optimize the capital structure by

perfecting the corporate governance structure, governance mechanism and governance

environment. This help to develop a new vision for corporate governance.

Keywords: Corporate governance; Capital structure; Influence factor; Optimization

channel

浙江财经学院硕士学位论文

第一章绪论 ·················································································································· 1

第一节研究背景和研究意义················································································ 1

第二节国内外研究现状························································································ 2

第三节研究方法和研究思路··························································································· 6

第二章公司治理和资本结构若干基本问题探讨 ······················································· 7

第一节公司治理相关基本理论············································································ 7

第二节资本结构的理论基础和影响因素 ·························································· 12

第三章公司治理对资本结构影响的理论和实证分析 ············································· 21

第一节理论分析与假设的建立·········································································· 21

第二节实证研究 ································································································· 31

第三节实证结论 ································································································· 42

第四章优化资本结构的途径—基于公司治理的视角 ············································· 43

第一节资本结构质量特征·················································································· 43

第二节完善公司治理—优化资本结构的关键 ·················································· 45

第五章研究结论和有待进一步研究的问题 ····························································· 53

第一节研究结论和创新之处·············································································· 53

第二节有待进一步研究的问题·········································································· 54

参考文献 ······················································································································ 55

附录······························································································································ 59

附录 1 描述性统计 ······························································································ 59

附录 2 总方差解释 ······························································································ 62

附录 3 旋转后的因子载荷阵··············································································· 65

附录 4 主成分命名汇总······················································································· 68

附录 5 回归结果 ·································································································· 69

附录 6 在读期间发表的学术论文······································································· 72

致谢······························································································································ 73

浙江财经学院硕士学位论文

第一章绪论

第一节研究背景和研究意义

一、研究背景

19 世纪是企业家的世纪，20 世纪是管理的世纪，而 21 世纪则是公司治理的

世纪 ①。作为创造社会财富的重要引擎，公司的经营状况好坏将影响到整个社会的

幸福安宁，从而公司必须在一个使之得以集中追求目标，并对自己的行为负责的

制度框架内运营，实际上这便是公司治理问题。随着公司制企业的迅猛发展，公

司治理成为我国理论界的一个重要课题。根据现代契约理论，企业是一系列契约

的集合，公司治理的根本在于如何合理地安排这些契约，解决公司所有权和控制

权分离带来的代理问题。上市公司的资本结构，反映的就是契约主体的成分及相

互关系。资本结构决策是企业融资决策的核心，它直接决定企业融资方式的选择

及各种融资方式所占的比例，从而影响股东、债权人、经理人等相关利益主体对

企业控制的程度。从整个资本市场来看，全部企业的资本结构决策构成了资本市

场上融资方式的种类及其比例关系，因此从宏观上影响着经济的整体运行。从公

司个体来看，资本结构决定了企业不同参与者的决策权、控制权及利益分配。

公司治理以其固有的决策程序对公司的融资行为，进而对公司的资本结构产

生深远的影响。不同的治理状态下，公司的所有权和控制权在不同利益主体之间

的配置和分布不同，拥有决策控制权的各权益主体必然会运用自己所掌握的权力

对公司融资方式的选择施加影响，以维护自身的利益。资本结构与公司治理的关

系正如米勒教授所言：适当资本结构的选择可促进公司治理的完善、提高治理效

率，而好的公司治理又能确保公司管理层得到正好为其投资所需但又不是更多的

资金来完成有利可图的项目。

我国存在特殊的制度背景，如股权结构独特、投资者法律保护不健全、资本

市场发展不平衡、公司治理机制有缺陷等。总体上说，我国上市公司的治理水平

较弱，资产负债率偏低。那么，有哪些因素影响我国上市公司资本结构；董事会、

管理层是根据什么选择融资方式的；公司治理是如何影响资本结构的；如何通过

完善公司治理来优化资本结构等一系列问题正是本文将要论述的内容。

二、研究意义

① 曾小青.公司治理、受托责任与审计委员会制度研究[M].大连：东北财经大学出版社，2005：1.

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摘要：

浙江财经学院硕士学位论文I摘要企业不同资金来源的组合产生了不同的资本结构，而资本结构背后反映的是相关利益主体与公司之间不同的利益关系。随着资本结构理论的发展，基于委托代理关系的资本结构理论诸如代理成本理论、激励理论、控制权理论、信号传递理论、优序融资理论的形成，公司治理的制度性安排已被引入到了资本结构的研究中，公司治理对公司发展是至关重要的，对公司的资本结构有着非常重要的影响。目前，我国上市公司在资本结构和公司治理两个方面都存在一系列问题：股权融资偏好导致资产负债率偏低；负债中流动负债偏高，长期负债比例普遍较低；股权高度集中；股票流动性差；公司治理结构不合理、治理机制弱化、治理环境不完善等。这...

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