CAJ | 학술논문

本文基于房地产行业2010-2012三年的研究数据，分别从负债结构和股权结构考察二者对公司治理效应的影响。研究结果表明，负债总体水平可以提高公司的长期业绩，而有息负债率和长期负债率则不利于公司的长期业绩；股权集中度和股权制衡度与治理效应呈显著正相关关系，第一大股东持股比例与治理效应呈显著负相关关系，说明适度集权和形成股权制衡机制有利于公司长期业绩，而过度集权如第一大股东持股比例集中则起到反向的作用。
본문기우방지산행업2010-2012삼년적연구수거，분별종부채결구화고권결구고찰이자대공사치리효응적영향。연구결과표명，부채총체수평가이제고공사적장기업적，이유식부채솔화장기부채솔칙불리우공사적장기업적；고권집중도화고권제형도여치리효응정현저정상관관계，제일대고동지고비례여치리효응정현저부상관관계，설명괄도집권화형성고권제형궤제유리우공사장기업적，이과도집권여제일대고동지고비례집중칙기도반향적작용。
Based on the data of real estate industry from 2010 to 2012, this paper respectively studies the impact of debt structure and ownership structure on corporate governance effect. The results show that the overall level of debt can improve the company's long-term performance, and interest-bearing debt ratio and long-term debt ratio are not conducive to the company's long-term performance;ownership concentration degree and equity restriction degree have a significant positive correlation to governance effect and the proportion of the largest shareholders has a significantly negative correlation to governance effect, which indicates that a moderate centralization of power and the formation of equity restriction mechanism are in favor of long-term performance, while over centralization of power plays a reverse role, like the concentrated ownership percentage of the largest shareholder.