本文選題：法制環(huán)境　切入點(diǎn)：兩權(quán)分離　出處：《財(cái)經(jīng)論叢》2016年09期 　論文類型：期刊論文

【摘要】：本文實(shí)證檢驗(yàn)了法制環(huán)境以及控股股東控制權(quán)和所有權(quán)分離對(duì)資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的影響。研究發(fā)現(xiàn):上市公司控股股東控制權(quán)和所有權(quán)分離程度越高,實(shí)際資本結(jié)構(gòu)偏離最優(yōu)資本結(jié)構(gòu)的幅度越大,資本結(jié)構(gòu)調(diào)整速度越慢;上市公司所處的法制環(huán)境越好,實(shí)際資本結(jié)構(gòu)偏離最優(yōu)資本結(jié)構(gòu)的幅度越小,資本結(jié)構(gòu)調(diào)整速度越快;法制環(huán)境的改善能夠顯著的緩解兩權(quán)分離對(duì)資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的負(fù)面影響;結(jié)合中國(guó)的制度背景,基于公司產(chǎn)權(quán)性質(zhì)的分析發(fā)現(xiàn),相比國(guó)有上市公司,非國(guó)有上市公司受法制環(huán)境和兩權(quán)分離的影響更加顯著。
[Abstract]:This paper empirically examines the impact of the legal environment and the separation of control and ownership of controlling shareholders on the dynamic adjustment of capital structure. The bigger the range of actual capital structure deviates from the optimal capital structure, the slower the speed of capital structure adjustment, the better the legal environment of listed companies, the smaller the range of actual capital structure deviating from the optimal capital structure, the faster the speed of capital structure adjustment. The improvement of the legal environment can significantly alleviate the negative impact of the separation of the two rights on the dynamic adjustment of the capital structure. In combination with the institutional background of China, based on the analysis of the nature of the property rights of the company, it is found that, compared with the state-owned listed companies, The non-state-owned listed companies are affected more significantly by the legal environment and the separation of the two rights.
【作者單位】： 華中農(nóng)業(yè)大學(xué)經(jīng)濟(jì)管理學(xué)院;浙江財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：中央高�；究蒲袠I(yè)務(wù)費(fèi)專項(xiàng)基金(2662015PY231;2662015QD0147)
【分類號(hào)】：F271;F275;D922.287
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本文編號(hào)：1589570