| | | | | 上市公司高管人员自利对资本结构影响的实证分析 | | | 冯根福;马亚军 | | | 本文对中国上市公司持股高管人员出于自利而影响资本结构调节的状况进行了考察。研究表明,上市公司高管人员出于自利具有调节公司负债水平的动机;法人股的存在对高管人员出于自利调节资本结构的能力具有制约作用,但在高管人员拥有公司所有权程度较高时作用有限;法人股还具有一定的促使高管人员的自身利益和其他股东的利益趋于一致的作用,而国有股的这些作用则不明显。
【作者单位】：西安交通大学经济与金融学院
(冯根福);西安交通大学经济与金融学院(马亚军)
【关键词】：上市公司;高管人员自利;资本结构;实证分析
【分类号】：F276.6
【DOI】：cnki:ISSN:1002-8102.0.2004-06-003
【正文快照】：
一、引言长期以来,资本结构理论一直是学术界和实务界关注的焦点。自从Modigliani和Miller(1958)提出无税收和完全市场中公司资本结构与公司价值无关的理论后,公司资本结构问题得到了学者们的广泛研究。许多学者在逐步放松假设条件的情况下得出更加符合经济现实的结论,从而进一 | | | | | |  推荐 下载CAJ全文  下载PDF全文 | | | CAJViewer7.0阅读器支持所有CNKI文件格式，AdobeReader仅支持PDF格式 | | | | The Impact of Managerial Self - interest on Corporate Capital Structure of China's Listed Companies | | | FENG Genfu;MA Yajun School of Economics and Finance;Xi'an Jiaotong University;710061 | | | This paper analyzes the impact of managerial self - interest in china's listed company on corporate capital
structure under the condition of different share ownership structure. It is shown that: the increases of manage-
rial investment in the firm leds to the decrease of debt level of company in view of their self - interest motive;
the ability of management adjusting the capital structure is restricted by Corporate Shares, but the restricting
function is limited in condition of higher managerial investment in the firm; the existence of the Corporate
Shares may make the interests of managers and public stockholders coincide, but the State Shares doesn't seem
to have such function.
【Keyword】：Listed Company;Self--interest of Managers;Capital Structure;Empirical Analysis |
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