中小板上市公司资本结构治理效应研究.rar

I
摘要
自2004年5月17日中小企业板在深圳创设以来，截至2006年12月31日，
短短两年多的时间里已经有102家中小企业在此上市，其发展十分迅速。中小企
业板拓宽了中小企业的直接融资渠道，其发展有利于更大范围地发挥资本市场的
资源配置功能和优化我国金融市场的整体结构。但是，由于研究时间的限制，学
术界对中小企业板上市公司尚缺乏深入研究，尤其是中小板上市公司资本结构的
治理效应问题还是一个未知数。因此，有必要对我国特定的制度背景下的中小板
上市公司资本结构治理效应问题进行深入研究分析。
从理论上分析，企业资本结构与其自身价值是密切相关的，中小板上市公司
也不例外。因为资本结构是企业利益相关者权利义务的集中反映，它影响并决定
着公司的治理结构，进而影响并决定着企业行为特征及企业价值。其中，资本结
构的治理效应又可划分为股权融资的治理效应和债务融资的治理效应。
以中小板上市公司为样本，进行实证检验的结果则表明：其资本结构具有负
向治理效应，随着资产负债率的提高，中小板上市公司的治理效率在下降；中小
板上市公司国有股、法人股和社会公众股的治理作用不明显，管理者持股具有正
向治理效应；其股权集中度也呈现出正向的治理效应；从债务的利息结构看，中
小板上市公司的有息债务表现出显著的负向治理效应；从债务的期限结构看，中
小板上市公司的长期债务具有显著的负向治理效应。
基于理论分析和实证检验的结论，本文提出如下优化中小板上市公司资本结
构的措施：完善企业债务约束机制、拓宽中小板上市公司融资渠道、深化银行体
制改革、强化股东治理作用等。
关键词：中小板上市公司；资本结构；治理效应Abstract
Small and Medium Enterprise Board was build in Shenzhen on May 17,2004.To
December 31,2006,there have been 102 small and medium enterprises that came into
the market in the short two years.It is developing so rapidly.Small and Medium
Enterprise Board has enlarged channels of financing of small and medium enterprises.
Its development is propitious to allocating resource of the capital market widely and
optimizing the structure of the financial market.Because of the limited of the research
time,academia have not study the Small and Medium Enterprise Board Listed
Companies thoroughly.Especially,governance effects of the Small and Medium
Enterprise Board listed companies are unknown.So we need to study the governance
effects of the Small and Medium Enterprise Board listed companies udder our country
special system background thoroughly.
On the view of theoretical analysis,capital structure is closely related to the
enterprise’s value,and the same as Small and Medium Enterprise Board listed
companies.Because capital structure are the reflections of rights and incumbencies of
stakeholders.It decides and has influence on corporate governance structure.Then it
decides the enterprise’s behavior and it has influence on the enterprise’s value.
Governance effects of capital structure can be divided into governance effects of equity
financing and governance effects of debt financing.
Using the Small and Medium Enterprise Board listed companies as samples,the
empirical research showed that capital structure have negative governance effects.
Governance efficiency is declining as the enhancing of debt-asset ratio.Stockholders of
state-owned,legal-person and public people don’t have obvious governance effects.
Stockholders of managers have positive governance effects.Rates of ownership
concentration have positive governance effects too.On the view of the structure of
debt’s interest,debt in interest of Small and Medium Enterprise Board listed companies
has significant and negative governance effects.On the view of the structure of debt’s
term,long-term debt of Small and Medium Enterprise Board listed companies has
significant and negative governance effects.
We can optimize listed companies’ownership structure to control financial risk by
these measures base on theoretical analysis and empirical research.The measures
include:perfecting the enterprise’s debt-constraint scheme,enlarging channels ofIII
financing of Small and Medium Enterprise Board listed companies,innovating the bank
sector,strengthening the monitoring ability of stockholders and so on.
Key Words：Small and Medium Enterprise Board Listed Companies;Capital
Structure;Governance Effect目录
第1章绪论....................................................................................................................1
1.1选题背景与研究意义............................................................................................1
1.1.1选题背景.........................................................................................................1
1.1.2研究意义.........................................................................................................1
1.2研究方法与结构安排............................................................................................2
1.3研究难点和创新....................................................................................................3
1.3.1研究难点.........................