摘要
以中国西部地区上市公司为研究对象,考察上市公司股权集中度对资本结构的影响.结果显示第一大股东和前五大股东的持股比例对资本结构没有影响.第一大股东与其他四股东持股比例之差同资本结构呈显著负相关关系,股权分散度同资本结构呈显著负相关关系,说明少数大股东联盟治理效应在中国上市公司治理结构中存在.
The paper investigates concentration ratio of shares effect in capital structure about west region in China. We find that the scale held by the first shareholder and the first five shareholders is not notably relative with capital structure; the scale held by the first shareholder subtracting the other four shareholders negatively notable; the dispersion degree of the share is negatively notably relative with capital structure, which demonstrates that the effect of minor big shareholders allying governance is existing.
出处
《中原工学院学报》
CAS
2007年第6期30-34,共5页
Journal of Zhongyuan University of Technology
关键词
上市公司
股权集中度
资本结构
the listed company
concentration ratio of shares
capital structure
