上市房地产公司资本结构与公司治理相互关系的实证研究.doc

摘要
本文根据社会主义市场经济的要求,借鉴国际经验,综合运用交易成本理论、委托代理理论、资本结构契约理论等现代经济学理论的分析方法和分析技术,在借鉴吸收前人的研究成果基础上,系统地探讨了我国上市公司资本结构与公司治理结构的互动关系。研究目的在于为公司资本结构和公司治理结构的研究提供一种新的方法和思路,为我国上市房地产公司的资本结构治理和公司治理提供借鉴。
本文以资本结构与公司治理双方互动关系为主线,选取 2007-2009年沪深股市上市房地产公司的样本数据,先通过构建中国上市公司治理指数,包括了上市公司受到外部机构的审核意见、股权结构、董事会治理机制、经理人员激励四个主要方面,再通过构建模型,建立联立方程,运用实际数据进行实证研究,从而发现资本结构与公司治理之间的互动关系。研究结果表明,我国上市公司资本结构对公司治理具有显著影响,而公司治理对资本结构的作用相对较小,且股权治理效应远大于债权治理效应。联立方程组TS-2SLS检验结果显示,双方相互影响的稳定性与可靠性都得到不同程度的改变。
关键词房地产公司;资本结构;公司治理
Abstract
Based on the socialist market economy, drawing on international experience, and the integrated use of transaction cost theory, principal-agent theory and contract theory of capital structure of modern economic theory of the analytical methods and analysis techniques. In this paper, the systematic study of China's pany's capital structure and corporate governance structure interaction bases on learning from and absorbing the results of previous aim of this research with pany's capital structure and corporate governance is to provide a new approach and ideas for our capital structure of listed real panies , so that it can provide a theory of reference.
In this paper, the interaction between capital structure and corporate governance both the main line,by selecting the listed real panies sample data in Shanghai and Shenzhen from 2007 to 2009 , first by constructing a governance index of Chinese panies, including panies audited by external agencies views、ownership structure 、Board governance and managers of four major aspects of motivation, and through the builded model, a simultaneous equation,and use the actual empirical research data to discover the interaction between capital structure and corporate governance. The results show that the capital structure of panies have a significant impact on corporate governance, and corporate governance, the role of capital structure is relatively small. Governance of state-owned pany has a negative impact, and the effect is much larger than eq