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论文编号：	41
作者编号：	2120051950
上传时间：	2007/6/21 8:17:34
中文题目：	中国制造业上市公司股权结构对资
英文题目：	The empirical study on the the
指导老师：	刘建
中文关键字：	资本结构 股权结构 机构投资者
英文关键字：	share structure;capital struct
中文摘要：	近20年以来，资本结构影响因素研究非常活跃，国外学者分别从公司特征因素、公司治理因素、行业因素以及宏观经济因素等方面进行研究，其中在公司治理因素方面，国外大量实证研究表明：股权结构对公司资本结构存在显著影响。针对中国上市公司，资本结构影响因素的研究尚处于起步阶段，研究多集中在公司特征因素的影响作用，股权结构等公司治理因素对资本结构影响的研究有待进一步完善。 中国的股权结构具有股东身份复杂、股权高度集中、管理者持股比例较低等浓厚的中国特色，尤其是近几年机构投资者的迅速壮大为研究提供了新的素材。本文在选择股权集中度、管理者持股、控股股东性质等股权结构研究的常规指标以外，还将机构投资者持股和控股股东变更引入，使股权结构指标体系更加健全的同时，也更贴近中国国情，对现实具有指导意义。 本研究在通过对资本结构已有理论及实证研究文献回顾的基础上，结合中国特殊的制度背景和股权结构特点，提出研究假设并构建模型，采用实证研究的方法，分析中国制造业上市公司股权结构对资本结构的影响，查找出对资本结构显著作用的股权结构因子，根据实证检验结果，为中国上市公司资本结构的优化、政府部门相关政策的制定以及公司治理结构的设计提供实证依据。 本研究得到如下结论：与西方国家相比，中国上市公司负债率偏低，债务融资主要来源于短期负债；中国上市公司控股股东偏好于权益融资，存在控股股东的机会主义行为；除控股股东外大股东的存在能起到监督和制衡的作用，但中国上市公司股权制衡力量微弱；控股股东变更显著影响公司资本结构的变化，尤其是短期负债率的变化，变更后公司负债率显著提高，同时变更后公司股权集中度下降，使股权结构趋于合理；机构投资者持股比例与负债率显著负相关,中国上市公司机构投资者投资获利的动机明显，有选择进入低负债公司的现象，进而公司具有使机构投资者发挥与负债替代监督机制作用的条件与趋势。
英文摘要：	The study on determinants of capital structure has been active for 20 years. A lot of foreign studies indicate that: share structure, which belongs to corporate governance aspect, affects the capital structure obviously. The study on the determinants of capital structure in China started before long, and most studies concentrate on the effects of corporate characteristics. Corporate governance elements such as share structure are needed seriously. Given the special institutional environment, the share structure characteristic in China is unique ownership structure, high concentrating shareholding structure and low rate of managerial shareholding, especially, the growing institutional investors. This dissertation discusses following aspects: the effect of the institutional investors and the changing of the controlling stockholder besides the concentrating of shareholding and managerial equity, helps to bring about the completion of share structure index system. Considering the special institutional environment and share structure, we put forward several hypotheses and design the models on the basis of the existing theories and studies. The dissertation uses the methods of descriptive statistics, T-test and regression to analysis the influences to the capital structure, finds several remarkable factors of shareholding structure. According to the results of the dissertation, empirical is provided to optimize listed-company capital structure, set up correlative government policies, and formulate company’s financial system and design of corporate governance. The dissertation mainly draws these empirical conclusions: The controlling stockholder has a preference for equity financing; manager has a motivation to change the capital structure for low debt rate; the concentrating of the main stockholders except for the controlling stockholder improves the condition of corporate governance, but the force is weak; the changing of the controlling stockholder affect the capital structure obviously; the company has the conditions and trend of supervisor process between the institutional investors and debt, with the entering of institutional investors, choosing the low debt rate companies, with the motivation of speculate.
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