控股股东对上市公司资本结构影响研究

华中科技大学硕士学位论文控股股东对上市公司资本结构影响研究姓名：严鹏申请学位级别：硕士专业：企业管理指导教师：夏新平;常亚平20051031I30%IIAbstractControllingShareholderCShasagreatinfluenceoncapitalstructure.Wedefinetheshareholdersholdingmorethan30%oftheownershipoflistedcompaniesasCS.CSdamagestheprofitsofminorityshareholders,andgetsprivatebenefitsofcontrolbycontrollinglistedcompanies.Thepaperexaminesthedifferenceofcapitalstructurechoicesbetweenforeignanddomesticlistedcompanies.ThefinancingbehaviorsareinaccordwiththePackingOrderHypothesisinforeignlistedcompaniesanddeviationfromitindomesticlistedcompanies.Thepapergivesanalysisforcapitalstructurechoiceofdomesticlistedcompaniesfromthepointofviewoftheagencyproblemofmajorityshareholder,andexaminestherelationsbetweenCSandequityfinancingpreference.ThepaperexaminestherelationsbetweenCSandcapitalstructureinChina’slistedcompanies.EmpiricalresultsshowthatfirmswithCSexisthavelowerdebt-equityratioD/ERatiothanfirmswithoutCSexist.FirmswithstateshareholderasCShavehigherD/ERatiothanfirmswithnon-stateshareholderasCS.OwnershipheldbyCSisquadraticnegativelycorrelatedtoD/ERatio.FuturestudiesshowthatdifferentCSmodesdonothavetheidenticalinfluenceoncapitalstructure,thoughtheyareinaccordancewiththeaboverulesonthewhole.TheD/ERatioofNon-CSmodeareobviouslyhigherthanthatofRelative-CS,andtheD/ERatioofRelative-CSmodedoesn’thavetheobviousdifferencecomparedwiththeAbsolute-CS.AstheincreaseofthesharesoftheTop1shareholder,thedegreeofsensitivitybetweenD/ERatiotothesharesoftheTop1shareholderreducesgradually.ThestudiesinthearticleshowthatthecharactersandthecontrollingmodeofCShaveimportantinfluencetothecapitalstructure.TheinfluenceprovedthatthereexistagencyproblemsbetweentheCSandminorityshareholdersfromthepointofviewofcapitalstructure.Thererequiresanoptimizationofcapitalstructurefromthemacroscopicalandmicrocosmicaspects.Averyimportantwayfrommicrocosmicaspectistoimprovethesharestructureoflistedcompaniesandstate-ownedsharesreduction.Keywords:ControllingShareholder;CapitalStructure;D/ERatio;AgencyProblem_____111.1ShleiferVishny,1997LaPorta,Lopez-de-SilanesShleifer1999Claessens,Djankov,FanLang200220032004a2004b200521.212331.323451.11.142CapitalStructure2.1ModiglianiMillerMM1958,HarrisRaviv1991ThePeckingOrderHypothesis/2003TheStaticTradeoffModel123/412342.1.11ModiglianiMiller195819631523456VLVUTCBBTVVCUL+=2.1TC0100%Miller1977TSTBMillerBTTTVVBSCUL−−−−+=1)1)(1(12.2VLVUTCTSTBB()()()SCBTTT−−=−11126KrausLitzenberger1973Kim1978BradleyJarrelKim19843JensenMeckling1976HarrisRaviv1991JensenMeckling1984-1991CEO2.7%Berger,OfekYermack,1997Jensen1986GrossmanHart1982firm-specifichumancapitalJensenMecklingHarrisRaviv1990Stulz19907tradingoffunderlyingassetsputoptioncalloptionexercisepriceassetsubstitutioneffectDiamond1989812.1.2Ross1977MyersMajluf1984MyersMajluf1984MyersMajlufMyersMajlufKrasker1986BrennanKraus1987Narayanan1988Noe1988ConstantinidesGrundy1989HeinkelZechner1990Myers199812341Ross19779quasi-equity2.1.3HarrisRaviv1988Stulz1988Israel19912.1.4//BranderLewis1986BranderLewis19862000/Titman1984Titman102.2FamaFrench2002Booth2001BradleyJarrellKim1984123TitmanWessels1988-1Profitability,2Size3CollateralValueofAssets4Growth11,,5Non-DebtTaxShields6VolatilityBergerOfekYermack1997entrenchment-shocksJensen1986RajanZingales1995QWald1999G-7WaldBooth2001GDPBooth2001Demirguc-KuntMaksimovic19992.3121998200020002000200020012002200220022004200220002002200320041333.13.1.13.11979199265%199297%71%3.11979-1992%19797918319806531419816637-319828018219837420619847145-1619858336-1919867741-1819877937-1619888046-2619897945-2419907736-13199197-1419928695861999.4141970198591.7%19843.1.21957197425.6%37.79%40%1957195918.5%197019748.3%123703.1.315199056103198884.519894100.77%30%198912.2%5.6%3.1.43.23.2%753462137312592300122566381944-19901970-19851997.12.15208090163.22005813897586.8133445.613.2.13.319922000199350%RajanZingales199566.0%3.319922000199253481.00312.7365.02%50.10%19931831821.00888.0048.76%37.10%19942913309.001681.0050.80%38.80%19953234295.002337.0054.41%42.00%19965306352.003412.0053.72%40.60%19977459660.584835.8150.06%38.80%199885112407.526140.7649.49%38.10%199994916107.368468.0152.57%39.00%2000108821673.8811594.1153.49%40.20%173.2.220023.41995-200015%85%-3.385%100%3.4%00199512.4051.4836.139.5048.7841.73199614.7549.4035.853.2339.3857.40199715.4352.2332.35-3.2847.0556.23199813.7346.1840.10-10.5550.6359.93199914.2351.1534.63-15.8355.3360.50200019.1953.2327.593.51855.71%75343.5%7554466244753455.712546543856256644.291319133138710.861221462339245932.0006-5124-701.431944199019701985R.HubbardMoney,theFinancialSystemandtheEconomy.3.2.31994193.2.4ABHABH2/3203.2.53.32/3ShleiferVishny,211997JesenMeckling1976KimSorensen1992FriendLang1988JesenSolbergZorn1992MohdPerryRimbey199820032004a2004b2005200422234LaPorta1999ShleiferVishny,1997LaPorta1999Claessens20022005200020034.1124H12H231999H34.24.2.11999-2004AABH683625645194.37%4.2.230%230%30%30%4.14.16451100449669.69349554.18100115.52195530.3186013.33109516.974.2.31Myers1977198424130%30%30%30%26D/ERatio251CS102State103/Share/4/Share_sq/5210Top2-10210361S