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论文编号：	2109
作者编号：	2120051946
上传时间：	2010/4/20 15:27:05
中文题目：	控制权结构对债务融资和公司价值的影响
英文题目：	Private-listed companies Structure of control rights
指导老师：	张晓农
中文关键字：	民营上市公司 控制权结构 债务融资 公司价值 控制权和现金流权偏离
英文关键字：	Private-listed companies Structure of control rights Debt financing Corporate value Divergence between control right and cash-flow rights
中文摘要：	近年来，中国民营上市公司蓬勃发展，数量和资产规模仅次于国有上市公司，成为我国证券市场上一股不容忽视的力量。民营上市公司的债务融资和控制权结构都存在明显特征。 另一方面，控制权结构作为资本结构重要影响因素。融资方式决定其控制权结构，而控制权结构又反过来作用于公司财务行为，影响融资决策，最终反映到公司价值上。 因此本文结合中国民营上市公司和控制权问题，分析中国民营上市公司控制权结构对债务融资的影响，以及控制权结构对公司价值的影响，总结如何改善控制权结构以提升公司价值。 本文采用实证研究和规范研究的方法，通过对沪深股市2001年至2005年中国民营上市公司样本的描述统计发现，我国民营上市公司控制权结构的突出特点是控股股东持股比例高、股权集中度高、控制权和现金流权两权偏离程度偏高；负债的特点为资产负债率均值维持50%左右，债务融资偏好于流动负债，尤其是短期借款和商业信用。 为了研究控制权结构对债务融资和公司价值的影响，本文选取评价控制权结构、债务融资和公司价值的不同指标，对民营上市公司样本进行实证分析。实证结果表明：控股股东持股比例、股权集中度高都会使公司减少债务融资；而控制权和现金流权两权偏离程度会使公司增加债务融资；控股股东持股比例与公司价值存在负相关关系，股权过于集中会降低公司价值；控制权和现金流权两权偏离程度会损害公司价值。因此，如何保障在股权集中度高、控制权和现金流权相偏离情形下公司价值的提升，本文对此提出相关建议。 本文选取控制权结构这一独特视角，重点研究对中国民营上市公司债务融资、公司价值的影响；在实证研究过程中选取指标变量和回归方法上也具创新性。
英文摘要：	Chinese private-listed companies develop quickly these years, whose number and amount of assets are just following Chinese state-owned listed companies’. Private-listed companies have been important in Chinese Capital Market. Their debt financing and control rights are special. Additionally, the capital structures of private-listed companies decide their structures of control rights which react the business financial behavior, especially the financing preference, and finally affect the corporate value. This paper combines the private-listed company and the control rights, and analyzes the effects between the control rights and debt financing, the control rights and corporate value. As a result, the paper summarizes how to improve the structure of control rights to increase the corporate value. This paper analyzes the private-listed companies in Stock Markets in Shenzhen and Shanghai from 2001 to 2005 with the method of empirical research. The qualities of control rights include the high share ratio of controlling shareholders, high decentralization degree, and the divergence of control rights and cash-flow rights. The characters of the financing preferences include the high ratio of Debts to Assets and the high current debts. The paper uses the statistical data to express these ratios. Then the paper chooses different index evaluating for the control rights, debt financing and corporate value to research the control rights’ effect on debt financing and corporate value. After the empirical analysis of sample companies, it shows that the share ratio of controlling shareholders will decrease the debt financing, and the decentralization degree will decrease the debt financing, but the divergence of two rights will increase the debt financing. Furthermore, the high share ratio of controlling shareholders and decentralization degree would increase the corporate value at first, but decrease it at one level. So the paper puts the emphasis on the suggestions about how to keep the corporate value and improve it at such kind of control rights structures. The creation of this paper is the research point, which is from the Chinese private-listed companies’ control rights to debt financing and corporate value. Additionally, there are fresh indexes to reflect the control rights, debt financing and corporate value.
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