摘要
本文选用沪、深股市400家上市公司为研究样本,并用样本公司2006～2008年连续三年的截面数据对公司融资结构与公司治理绩效的关系进行了实证检验。实证检验结果显示:第一大股东持股比例、法人股比例与公司治理绩效呈正相关关系;国有股比例、股权制衡度、社会公众股比例与公司治理绩效呈负相关关系;资产负债率、应付债券比例、长期负债比率、流动负债比率与公司治理绩效呈负相关关系;借款比例与公司治理绩效呈正相关关系。
This paper chooses 400 listed companies of Shanghai and Shenzhen stock exchanges as samples,conducts an empirical test on the relationship between financing structure and corporate governance performance from 2006 to 2008.The results of empirical test show that the first shareholder＇s equity ratio,and institutional shares have positive correlation with corporate governance performance;state-owned share proportion,equity balance degree,and public share ratio have negative correlation with corporation governance;asset-debt ratio,bond-ration,long-term debt ratio,short-term debt ratio have negative correlation with corporate governance performance;loan-ration has negative correlation with corporate governance performance.
出处
《企业经济》
CSSCI
北大核心
2011年第5期171-176,共6页
Enterprise Economy
基金
贵州省省长基金项目"中国上市公司融资结构调整与公司治理优化研究"(批准号:黔省专合字[2006]01号)
贵州大学文科重大科研项目"基于中国资本市场的公司财务研究"(批准号:GDZT2010004号)
关键词
上市公司
融资结构
公司治理绩效
实证研究
listed companies
financing structure
corporate governance performance
empirical research
