| 投资机会与股权结构对公司财务政策的影响 |
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| 引用本文： | 李小军,WANG Ping-xin.投资机会与股权结构对公司财务政策的影响[J].系统工程,2008,26(6). |
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| 作者姓名： | 李小军 WANG Ping-xin |
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| 作者单位： | 云南财经大学,会计学院,云南,昆明,650221 |
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| 基金项目： | 国家自然科学基金资助项目 |
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| 摘 要： | 用2001～2005年4927家中国上市公司作为研究样本,本文检验了公司投资机会和股权结构对财务政策选择的影响.实证结果表明:在控制了公司资产规模和盈利水平下,中国上市公司的资本结构和股利政策与其投资机会显著负相关,与股权集中度正相关;公司对高级管理者的现金补偿与投资机会正相关,与股权集中度负相关.同时,有证据表明,少数大股东联盟可以有效降低公司代理成本.
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| 关 键 词： | 投资机会 股权结构 因子分析 |
The Impact of Investment Opportunity and Shareholder Structure on Corporate Finance Policies |
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| LI Xiao-jun,WANG Ping-xin.The Impact of Investment Opportunity and Shareholder Structure on Corporate Finance Policies[J].Systems Engineering,2008,26(6). |
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| Authors: | LI Xiao-jun WANG Ping-xin |
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| Institution: | 1.School of Accounting;Yunnan University of Finance and Economics;Kunming 650221;China;2.School of Finance and Economics;Hangzhou Dianzi University;Hangzhou 310018;China |
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| Abstract: | Based on the statistics form 4927 sample listed companies in China from 2001-2005,this paper examines the correlation between the growth opportunities,shareholder structure and corporate finance policies choice.Results show that there is asignificant negative correlation between investment opportunities and levels of both debt-to-equity ratios and dividend yields;that there is a significant positive correlation between the share concentration and levels of both debt financing and dividend yields after contr... |
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| Keywords: | Investment Opportunity Shareholder Structure Factor Analysis |
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