公司治理结构对资本结构类型的影响——一个Logit模型被引量：63

原文传递

导出

摘要本文采用Logit模型实证检验了中国上市公司治理结构对资本结构类型的影响。本研究的实证结论支持了当治理水平高时,管理者受到更严格的监督,更少的管理者壕沟效应,控股股东的机会主义行为受到限制,公司更可能使用高的负债的论点。

作者肖作平

机构地区清华大学经济管理学院

出处《管理世界》 CSSCI 北大核心 2005年第9期137-147,163,共12页 Journal of Management World

基金国家自然基金项目<中国上市公司债务政策评价及其成因研究>(70472048)的阶段性成果。

关键词公司治理结构资本结构类型中国上市公司股权结构股权集中度董事会

参考文献34

1Alchian, A., 1950, "Uncertainty, Evolution and Economic Theory", Journal of Political Economy, 58, pp.211-221.
2Allen, M.P., and S.K. Panian, 1982,"Power, Performance and Ssuccession in the Large Corporation", Administrative Science Quarterly, 27, pp.538-548.
3Amihud,Y., and Lev.,1981, "Risk Reduction as A Management Motive for Conglomerate Merger", Bell Journal of Economics, 12,pp.605-607.
4Baysinger, B.,and H.Butler, 1985,"Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition", Journal of Law, Economics and Organizations, 1,pp.101-124.
5Berger, G. Philip, Eli Ofek and David L. Yermack, 1997,"Managerial Entrenchment and Capital Structure Decisions",Journal of Finance, 52, pp.1411-1438.
6Berle, A, and G. Means, 1932, The Modern Corporation and Private Property, New York: Macmillan.
7Borokhovich, K., Parrino, R. and T.Trapani, 1996,"Ouside Directors and CEO Selection"journal of Financial and Quantitative Analysis, 31, pp.337-355.
8Boyd, B.K., 1984, "Board Control and CEO Compensation", Strategic Management Journal, 15, pp.335-344.
9Byrd, J. and K.Hickman, 1992, "Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids", Journal of Financial Economics, 32, pp.195-221.
10Conger, J., Finegold, D. and Ⅲ, E., Lawler, 1998,"Appraising Boardroom Performance", Harvard Business Review ,76,pp.136-148.

1陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护[J].经济研究,2001,36(11):3-11. 被引量：785
2王彬.上市公司与其大股东关系研究[J].证券市场导报,1998(1):39-44. 被引量：22
3陈小悦,李晨.上海股市的收益与资本结构关系实证研究[J].北京大学学报（哲学社会科学版）,1995,32(1):72-79. 被引量：130
4Albertode Miguel, Juliopindado. 2001. Determinants of capital structure: new evidence from Spanish panel data. Journal of corporate finance 7, 77 - 99.
5Aydin Ozkan. 2001. Determinants of capital structure and adjustment to long run target: evidence from UK company pand data. Journal of business finance &accounting 3. 175 - 198.
6Bradly, Michael, JarreU, Gregg A. , Kim, E. Hart. 1984. On the existence of an optimal capital structure: theory and evidences. The Journal of Finance 39,857 - 878.
7Deangelo, H , Masulis, R W, 1980. Optimal capital structure under corporate and personal taxation. Journal of Financial Economics 8, 3 - 29.
8Jensen, M C , 1986. Agency cost of free cash flow, corporate finance and takeovers. American Economic Review 76, 323 -329.
9Modigliani, Franco, Miller, M H. 1958. The cost of capital, corporation finance and the theory of investment. American Economic Review 58, 261 - 297.
10Raviv, A , Harris M. 1991. The theory of capital structure. Journal of Finance 45,297 -353.