财务治理影响企业资本结构吗？

Can Finance Governance Affect an Enterprise's Capital Structure?

中文关键词:  财务治理  资本结构  产权性质  中小投资者  财务监督  财务激励

英文关键词:finance governance  capital structure  ownership nature of ultimate controller  minority investors  financial supervision  financial incentive

中文摘要:

      文章基于北京师范大学开发的财务治理数据和上市公司的资本结构数据,研究了财务治理和资本结构之间的关系。实证结果表明,无论是国有企业还是非国有企业,其财务治理指数对资产负债率均有显著的负向影响,大部分的财务治理分项指数对资本结构的影响与总指数是一致的,特别是财务监督和财务激励等分项指数与资产负债率之间存在着显著的负相关关系；从影响程度来看,国有上市公司财务治理与资本结构之间的负相关关系更大一些。公司财务治理好意味着对中小投资者权益保护程度更高,因而会受到中小投资者的青睐,公司的资本结构就会得到改善,在国有上市公司更是如此。文章的研究结论为完善公司治理和保护中小投资者权益提供了新的经验。

英文摘要:

      This paper studied the relationship between finance governance and capital structure based on the data about finance governance and capital structure of listed companies from BNU. The findings of the empirical study show that whether in state-owned enterprise samples and non-state-owned enterprise samples, index of finance governance, especially the financial supervision and financial incentive in the index, is negatively associated with asset-liability ratio. Most of constituent indexes of finance governance exerts the same influence on the capital structure with the total index. The negative correlation between finance governance and capital structure in state-owned listed companies is larger than in non-state-owned listed companies. A good finance governance means better protection of the rights and interests of those with small and medium investment, and is favored by such investors. The capital structure of the companies, especially the listed state-owned companies, can be bettered. The research conclusion can provide a new implication for improving the corporate governance and protecting minority investors. 