终极控股股东对民营上市公司融资结构影响研究

发布时间：2018-06-30 19:48

本文选题：终极控股股东 + 民营上市公司　；参考：《宏观经济研究》2016年08期

【摘要】：经济转型背景下的民营经济已成为推动发展与创新的重要力量,加之我国民营上市公司普遍存在终极控股股东,股权结构相对集中,少数股东权益侵占效应愈发明显,并进一步影响企业融资结构的形成与特征,促使优化融资结构与改善融资环境成为公司战略决策与内部治理的重点。为此本文基于终极控股股东视角,选取2012—2014年间沪深两市A股市场民营上市公司样本数据,通过实证分析研究其对我国民营上市公司融资结构的影响,发现终极控股股东拥有的终极控制权比例、现金流权比例与资产负债率负相关,两权分离度与资产负债率正相关,基于终极控制权框架下的股权制衡度与资产负债率负相关,管理层激励同样与债务融资负相关。
[Abstract]:Under the background of economic transformation, private economy has become an important force to promote development and innovation. In addition, the ultimate controlling shareholders are widely existed in private listed companies in our country, the ownership structure is relatively concentrated, and the encroachment effect of minority shareholders' rights and interests becomes more and more obvious. It further influences the formation and characteristics of corporate financing structure, and makes optimizing financing structure and improving financing environment become the focus of corporate strategic decision and internal governance. Therefore, based on the perspective of ultimate controlling shareholder, this paper selects the sample data of private listed companies in Shanghai and Shenzhen A-share markets from 2012 to 2014, and studies its impact on the financing structure of private listed companies through empirical analysis. It is found that the proportion of ultimate control right, the proportion of cash flow right and the ratio of assets and liabilities are negatively related to the proportion of ultimate controlling shareholders, the separation degree of two rights is positively related to the ratio of assets and liabilities, and the degree of equity balance based on the framework of ultimate control right is negatively correlated with the ratio of assets and liabilities. Management incentives are also negatively correlated with debt financing.
【作者单位】：山东财经大学会计学院;
【分类号】：F275

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