上市公司资本结构丶治理结构与公司价值实证研究.docVIP

上市公司资本结构丶治理结构与公司价值实证研究 第27卷第3期湖北工业大学学报2012年06月Vol1. 27 No.3 Journal of Hubei University of Technol嗨YJun.2012 [文章编号J1003-4684{2012}03-0044-05 上市公司资本结构、治理结构与公司价值实证研究徐达国(湖北工业大学管理学院，湖北武汉430068)[摘要]为提高我同资本市场运行效率，改善我同公司治理结构，选取研究样本为2009年沪深300指中的沪市180家上市公司为研究对象进行实证分析。结论表明:上市公司资产负债率与股权集中度负相关g上市公司资产负债率与;四大;出具审计意见正相关;资本结构的变化与独立董事比重相关性不显著;上市公司资产负债率与企业价值高度显著且正相关;_t.市公司股权集中度对企业价值的影响不显著;;四大;出具的审计报告对企业价值影响表现为高度显著且正相关，独立董事占董事会比重对企业价值相关性不明显。[关键词]资本结构;治理结构;企业价值[申图分类号JF23 [文献标识码J:A Empirical Research on the Relationship between Capital Structure ,Governance Structure and Company Value of Listed Companies in China XU Shu-guo CSchool of Management, Hubei Univ.οfTech.， Wuhan 430068, China) Abstract: ln order to improve the operating efficiency of China’s capital market and improve our corporate governance structure, the CSI 300 fingers in 180 listed companies in China’s A shares Shanghai Stock Exchange were studied using Eviews software. Empirical study indicated that Listed companies the rate of assets and liabilities and equity concentration are negatively correla??ted. Listcd companies assets liabilities ratio and the; big four; issued by the audit opinions are positively correlated. No significant correlation was found between the changc of capital structurc and independent directors. A great significant positive correlation was identified between listed companies’ assets liabilities ratio and compan s value. The influence of listed companies’ equity concentration on company value is not significant. ;Big Four; audit reports and its influence on the company value are highly positively correlated; the correlation between independent directors’ proportion and the company value is not obvious. Keywords: capital structure; governance structure; company value 目前关于我国J::市公司资本结构、治理结构与企业价值的研究，还没有形成一个完整的分析框架1 样本选取和系统的研究结果，对公司融资理论及资本结构形成理论的研究也比较欠缺，分析方法也往往是定性以中国A股市场为总体研究对象。因为沪深的，定量研究大多都停留在以国内数据来对西方资300指数编制目标是反映中国证券市场股票价格变本结构的相关结论进行实证分析的阶段。因此，系动的概貌和运行状况，并能够作为投资业绩的评价统研究我国上市公司这兰者相关性，对建立适用于标准，为指数化投资和