我国上市公司控股股东对资本结构影响的实证研究
首发时间:2011-04-14
摘要:我国上市公司的股权集中度较高,面临的主要代理问题是大股东侵占中小股东的利益。本文选取2005年至2007年在沪深两市公开发行A股的295家上市公司作为样本,通过实证方法研究控股股东属性和持股比例对资本结构的影响,进而揭示我国上市公司控股股东与中小股东之间存在代理问题。
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The Empirical Analysis of Agency Problem between Controlling Shareholders and Minor Shareholders--Based on the Capital Structure
Abstract:Stake of listed companies is highly concentrated in China, and this leads to the principal agency problem that the major shareholders encroach on the minor stockholders' interests. This paper selects 295 A shares listed companies in Shanghai and Shenzhen stock exchange as samples to do regression analysis from 2005 to 2007. It does an empirical study to analyze how capital structure is influenced by controlling shareholders' properties and stakes, thus revealing the fact that agency problem exists between the controlling shareholders and minor ones of listed companies in China.
Keywords: Agency problem Controlling shareholders Capital structure Empirical study
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No.4419077570423130****
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我国上市公司控股股东对资本结构影响的实证研究
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