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1、AbstractCorporatefinanceisanimportantareaofmodernfinancialtheory,,,controlisanimportantfactoraffectingthechoiceofdebtstructureofourlistedcompanies.Secondly,comparedtonon-state-ownedholdingcompanies,state-ownedholdingcompanyhavehigherleverageratio,higherratesoflong
2、-termdebt,higherlong-termnon-publicdebt.Thirdly,managementshareholdinghavenosignificantrelationshipbetweencorporateleverageanddebtmaturitystructure,buthaveanegativecorrelationwithdebtplacementstructure;freecashflowisnegativelycorrelatedwithdebtmaturitystructureand
3、positively(Correlatedwithdebtplacementstructure.Fourthly,thenatureofcorporatecontrolandmanagementshareholdinghaveoffseteffectsforleverage,nosignificanteffectwithdebtmaturitystructureanddebtplacementstructure;freecashflowandcorporatecontrolhaveenhancedeffectforleve
4、rage,butnosignificantefectwithdebtmaturitystructureanddebtplacementstructure.Inviewofthis,weproposethefollowingrecommendations:Firstly,managementshareholdingofChina'slistedcompaniesisverylow,withimprovementofmanagementstake;itcanweakentheagencyproblemsbetweenmanag
5、ersandshareholders,therebyreducingagencycosts.Inaddition,thecompanyincreasedpublicdebtfinancingcanreduceagencycosts.Secondly,whenthecompanieshaveamplefreecashflow,reducingdebtandincreasingshort-termdebtandprivatedebtfinancingcanreduceagencycostsbetweenmanagementan
6、dshareholders.Thirdly,tohigherpercentageofmanagementshareholdingofstate-ownedholdingcompany,reducingthecompany'sdebtratiocanreduceagencycosts;tocash-richofthestate-ownedholdingcompany,increasingdebtratioandpublicdebtfinancingcanreduceagencycosts.Keywords:目录研究背景研究意
7、义理论意义实践意义论文结构与主要研究内容主要研究结论与创新之处不足及研究展望公司控制权性质与债务结构的研究综述国外研究现状国内研究现状代理成本与债务结构的研究综述国外研究现状国内研究现状理论分析与研究假设公司控制权性质与债务结构代理成本与债务结构公司控制权性质和代理成本对债务结构的共同作用研究设计样本选择变量设计债务结构的衡量指标自变量控制变量回归模型5实证检验描述性统计债务结构、控制权性质和代理成本变量的描述性统计分析其它变量的描述性统计分析变量相关性分析基于不同控制权性质下的分组单变量检验多变量回归分析控制权性质与债务
8、结构关系的实证检验代理成本与债务结构关系的实证检验控制权性质、代理成本与债务结构关系的实证检验进一步研究及稳健性检验选取替代变量融资约束、代理成本与债务结构关系的稳健性检验结论及建议研究结论政策建议参考:献1绪论绪论研究背景古典资本结构理论主要研究债务融资和股权融资之间的权衡,以达到最佳的融资比例。先前