公司治理和资本结构的关系研究

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1、武汉理工大学博士学位论文公司治理和资本结构的关系研究姓名：BenjaminI.EHIKIOYA申请学位级别：博士专业：ManagementScienceandEngineering（Finance）指导教师：QinYuanjian20080615WuhanUniversityofTechnologyDoctoralDegreeDissertation实证分析表明，在中国，对金融结构与性能的公开上市公司的所有权和控制机制有重大影响。政府作为大股东和借贷的担保可以达到杠杠平衡情况。l司时，由于政府管制和调控，无论是贷款和借款企业。测算结果表明，代理问题都可能不太严重。其持股其他投资者尤其是私

2、人股东。如果该国在其各个层次的都由国家占了很大的比例，可以出售其控股通过其私有化计划。关键词：代理理论，公司管理，发展经济体，中国，公司业绩WuhanUniversityofTechnologyDoctoralDegreeDissertationABSTRACTThecorrelationbetweencorporategovernance，ownershipstructureandcapitalstructureisoneofthelessunderstoodareaswithinthefinanceLiterature．Althoughpreviousstudieshavebeend

3、oneintheseareasofresearchparticularlyintheadvancedcountries，verylittleisknownaboutitindeveloping,emergingandtransitionalcountdesaroundtheworld．Thus，thisstudyattemptstoaddressthisresearchgapwithinauniqueorganizationalandinstitutionalframeworkthatmayhelpexplaintheintricaciesofsucharelationship．Thes

4、tudythereforeinvestigatestheimpactofcorporategovernanceandownershipstructureoncorporatecapitalstructureanditsconsequentialeffectsontheperformanceofpubliclylistedfirmsinChina．Asthemostrapidlydevelopingeconomyintheworldwithdistinctivecharacteristics，Chinaprovidesalargeanddynamicenvironmentinwhichto

5、investigatethissubject．Thisstudyhasitsbackgroundontheagencytheoryandthedatasampleisbasedon787non-financialcompanieslistedontheShanghaiandShenzhenStockExchangesfortheperiod2001to2005．Thestudyemployedthepaneldataregressionanalysistoinvestigatepossiblelinkamongthevariablesidentified．Thestudyfoundpub

6、liclylistedfirmsinChinatOhaveseriousagencyproblemsensuingfromtheseparationofownershipandcontrol，asaresultoftherecenteconomicreforms．Generally，poorcorporategovernancepracticewasfoundtOcreateroomforrelativelyhighlevelsofleverageincapitalstructureandexacerbatetheperformanceandvalueofthefirms．Inthiss

7、tudy，perhapsthemostinterestingandstrikingfindingsaretheinfluenceofownershipstructuresuchasstate，LegalPerson(institutional)andpublicholdingsoncapitalstructureandfu'mperformance．StateownershipwasfoundtOhaveapositivecorre