南开管理评论
南開管理評論
남개관리평론
Nankai Business Review
2006年
5期
22~27
,共null页
资本结构 公司治理 公司绩效
資本結構 公司治理 公司績效
자본결구 공사치리 공사적효
Capital Structure; Corporate Governance; Corporate Performance
资本结构影响公司治理的结果最终会体现在公司绩效的变化上。本文通过对1992—2004年间我国上市公司资本结构影响公司绩效的实证分析发现：资产主营业务净利润率、经营费用率和资产利用率三个指标比股票价值能更好地解释资本结构对公司绩效的影响；国家股比例对公司绩效的负向影响越来越不显著；法人股比例和负债融资比例对公司绩效有不显著的正向影响等。这些结论表明，完善资本结构是完善我国上市公司治理结构从而提高公司绩效的重要途径之一。
資本結構影響公司治理的結果最終會體現在公司績效的變化上。本文通過對1992—2004年間我國上市公司資本結構影響公司績效的實證分析髮現：資產主營業務淨利潤率、經營費用率和資產利用率三箇指標比股票價值能更好地解釋資本結構對公司績效的影響；國傢股比例對公司績效的負嚮影響越來越不顯著；法人股比例和負債融資比例對公司績效有不顯著的正嚮影響等。這些結論錶明，完善資本結構是完善我國上市公司治理結構從而提高公司績效的重要途徑之一。
자본결구영향공사치리적결과최종회체현재공사적효적변화상。본문통과대1992—2004년간아국상시공사자본결구영향공사적효적실증분석발현：자산주영업무정리윤솔、경영비용솔화자산이용솔삼개지표비고표개치능경호지해석자본결구대공사적효적영향；국가고비례대공사적효적부향영향월래월불현저；법인고비례화부채융자비례대공사적효유불현저적정향영향등。저사결론표명，완선자본결구시완선아국상시공사치리결구종이제고공사적효적중요도경지일。
Effect of capital structure on corporate governance is ultimately expressed as the changes of corporate performance. Based on analysis of the data from Chinese listed companies（1992-2004）, we find that ratio of net profit of main operation to total assets, ratio of operation expenditure to income of main operation and ratio of income of main operation to total assets are better to explain the changes of corporate performance than the stock value; state-owner shareholding ratio has less and less effect on corporate performance; corporate shareholding ratio and the ratio of debt to financing are weak positive correlated to corporate performance; no correlation is found between circulating shares and corporate performance; ownership concentration and managerial shareholding ratio have a positive relationship with corporate performance, and there is a significant negative correlation between retained earnings and corporate performance. These conclusions indicate that perfecting capital structure is one of the important approaches to optimize corporate governance and improve corporate performance.
