我国国有上市公司控制权、负债融资对公司价值影响的研究.docVIP

我国上市公司控制权、负债融资对公司价值影响的研究张晓农 摘要：在我国国有上市公司的治理中，控制权和融资决策是两个重要问题。本文根据融资决策和控制权相互影响的内在逻辑机理，对我国国有上市公司的负债融资方式和控制权特征进行研究，并对国有上市公司负债融资和控制权的关系及对公司价值的影响进行理论和实证分析，力图丰富融资决策和控股权的研究,公司治理的研究做出一点贡献。 本文主要采用规范分析和实证分析相结合的研究方法。通过规范分析来研究国有上市公司的融资方式与利益相关者的冲突和控制权的特征。通过实证分析揭示国有上市公司的控制权和现金流权的分离、控制权对负债融资决策的影响、负债融资对控制权治理效率的影响、控制权对公司价值的影响等。 关键词：负债融资，国有上市公司，公司控制权，公司价值，控制权与现金流权分离 Financing decision and control right of shareholder both are important aspects in the corporate governance, and there is a relationship of inner mutual interaction between the financing and control right. It’s beneficial for us to combine these two sides to explore the true rule. In addition, the scholars contribute a lot of academic results of the equity financing. And it’s lack of the researches on debt financing of Chinese listed companies. The debt financing has the unique constraint effect on the state-owned listed companies. So it’s urgent to strength the research of the debt financing of the state-owned listed companies. These dissertation explores the theoretical and empirical studies on the relationship between the debt financing and control right. And explore the effect which this relationship putting on the value of the company based on the financing and control rights’ logic mutual mechanism. This dissertation tries to enrich the study results on financing decisions and controlling shareholder, in order to improve of the corporate governance of the state-owned listed companies. The main research goals are as following: (1) Examining the interest conflicts of related stakeholder and the activity features of related stakeholder. (2) Exploring the control right allocation status in the state-owned listed companies. (3) Analyzing the divergence between control right and cash flow right. (4) Overall analyze the impact of debt financing and control right on the state-owned listed companies’ values. The research methodology of this dissertation is the positive analysis and empirical study. The author uses the po