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没有控制权的大股东和中国的动态资本结构调整

Jia Liao¹, Yun Zhan², Yu Yuan³

¹Business School, Huaqiao University, Quanzhou, Fujian, China.

|July 31, 2024

概括

非控股大股东 (NCLS) 提高企业资本结构调整速度,减少中国A股公司的偏差. 它们的影响在纠正上升偏差时更强,在非国有企业中更为明显.

科学领域:

企业金融公司财务
资本结构理论资本结构理论
股东治理股东治理股东管理

背景情况:

企业资本结构的调整对于公司价值至关重要.
没有控制权的大股东 (NCLSs) 对这一调整的影响仍未得到充分探索.
了解这些动态对于中国上市公司至关重要.

研究的目的:

调查NCLS对企业资本结构调整速度和方向的影响.
分析所有权类型 (国有企业与国有企业) 和偏差方向的调节效应.
为了确定驱动NCLS影响的潜在机制.

主要方法:

经验分析使用2010-2020年中国A股上市公司的样本.
回归分析以评估NCLS与资本结构调整速度之间的关系.
机制分析,以探索代理成本和融资约束因素的作用.

主要成果:

NCLS显著提高动态资本结构调整速度并减少偏差.
在上升偏差后,NCLS对向下调整速度的影响更大.
在国有企业和国有企业中,NCLS对调整速度产生积极影响,在国有企业中影响更为显著.

结论:

在改善企业资本结构动态方面,NCLS发挥着关键作用.
减少机构成本和融资约束是NCLS影响的主要道.
这些发现有助于资本结构调整理论,并为中国企业提供了洞察力.

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