摘要
利用1999-2017年的350家中国上市公司的面板数据检验最优股权结构的动态调整过程。在委托代理理论的基础上,采用非线性最小二乘法模型,基于调整成本的创新视角,证明最优股权结构的存在。实证结果显示,因为调整成本的存在,实际股权结构并不等于最优股权结构,并且实际股权结构处于一个不断向最优股权结构调整的动态过程。股权结构的调整速度会受到来自公司规模、信息不对称和偏离最优水平的程度等因素的影响,调整速度会因为时间、行业和公司规模的不同而存在差异。
This study explores the dynamic adjustment of the ownership structure of Chinese listed companies.Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2017.The authors examine the effect of adjustment cost on the targeted ownership structure by using the nonlinear OLS method,which allows the authors to distinguish between the targeted ownership structure and the observed ownership structure.The estimated results provide the evidence that there indeed exist the targeted ownership structure of Chinese listed firms.The authors also investigate the determinants of the adjustment speed,which are firm size,asymmetric information,and the distance level between targeted ownership structure and observed ownership structure.Finally,there are significant differences in adjustment speed of firms in year,industry and firm size.
作者
刘建梅
邵林
陈富永
LIU Jianmei;SHAO Lin;CHEN Fuyong(Chongqing Three Gorges University,Chongqing 404020;Qilu University of Technology(Shandong Academy of Sciences),Jinan 250353;Southwestern University of Finance and Economics,Chengdu 611130)
出处
《首都经济贸易大学学报》
CSSCI
北大核心
2020年第2期91-100,共10页
Journal of Capital University of Economics and Business
基金
2018年度山东省金融应用重点研究项目“公司治理视角下山东省实体经济去杠杆与风险防范问题研究”(2018-JRZC-04)
山东省社会科学规划研究项目“新旧动能转换背景下山东省国有企业改革:困境与出路研究”(19BYSJ14)。
