公司治理、资本结构、资本成本关系的实证研究

摘要

Combined with the theoretical research and China's institutional background, this paper explores the relations between corporate governance, capital structure and capital costs and uses three-stage least squares empirical supports the following arguments:granting cash dividends and the ratio of CEO holdings have positive correlation with the asset-liability ratio, proportion of the largest shareholder and the largest shareholder is state-owned have negative correlation with the asset-liability ratio; asset-liability ratio and the largest shareholder is the state-owned have positively correlated with the capital cost, granting cash dividends, the largest shareholder, CEO salaries, the quality of information disclosure have negatively correlated with capital cost;the correlations between proportion of independent directors, the board quality, supervisory board quality and the capital cost, asset-liability ratio. Overall, improving corporate governance will help improve corporate value, to a certain extent, help to improve the liability ratio, and dividend policy, capital structure and capital cost have interactive effects.%本文结合理论研究及中国制度背景，探求公司治理与资本结构及资本成本的关系。应用三阶段最小二乘法实证支持以下论点：发放现金股利、CEO持股比例与资产负债率正相关，第一大股东持股比例、第一大股东是国有时与资产负债率负相关；资产负债率、第一大股东是国有时与资本成本正相关，发放现金股利、第一大股东持股、CEO薪酬、信息披露质量与资本成本负相关；独立董事比例、董事会素质及监事会素质与资本成本、资产负债率相关性均不显著。总的来说，提高公司治理有利于提高企业价值，在一定程度上利于提高负债率，且现金股利政策、资本结构与资本成本三者间存在互动效应。