资本结构契约理论与中国上市公司资本结构的相关分析

股权结构是资本结构的重要组成部分。在中国,分割的股权结构特征决定着上市公司资本结构性质和治理效率,它从根本上决定着中国资本市场的规范程度。因此,本文在资本结构契约理论的指导下,研究了中国上市公司资本结构和股权结构的性质和特征,认为不合理的资本结构和股权结构造成代理成本过高,使中国上市公司治理效率低下,而这些不合理资本(股权)结构形成的根本原因就是它们背后对应的产权和产权结构性质。

A Co-relation Analysis of the Capital Structure Contract Theory and Capital Structure of Chinese Listed Company

Structure of stockholder's right is the basic element of the capital structure. In China, the feature of separating stockholder's right determines the capital structure of listed company and its management efficiency, and also has decisive power on the standard of Chinese capital market. This paper, under the guidance of the capital structure contract theory, studied the nature and characteristic of the capital and stockholder structure of the listed company, and believed that the irrational capital and stockholder structure caused the high cost of agent and the low efficiency of managing the listed company, which is due to the ownership of property and its structure features.