国有上市公司资本结构的治理效应探析.docVIP

国有上市公司资本结构的治理效应探析 摘 要 人们关心资本结构的主要原因是资本结构具有一定的公司治理效应，它包括负债的治理效应与股权结构的治理效应，通过改变公司的资本结构可以改变公司治理效率，可以达到增强国有上市公司在市场经济环境中竞争力的目的。由于我国独特的政治、经济体制，我 ... p摘　　要br / 人们关心资本结构的主要原因是资本结构具有一定的公司治理效应，它包括负债的治理效应与股权结构的治理效应，通过改变公司的资本结构可以改变公司治理效率，可以达到增强国有上市公司在市场经济环境中竞争力的目的。由于我国独特的政治、经济体制，我国企业在由计划经济向市场经济转轨过程中所形成的资本结构是比较独特的，它影响了正常情况下资本结构治理效应的发挥，这与美国、英国上市公司资本结构的特点不同，也不同于德国、日本上市公司的资本结构的特点。目前，我国上市公司中资本结构的治理效应处于弱化状态，股权结构和负债的治理效应都没有充分发挥出来。本文首先阐述资本结构治理效应的基本理论，然后分析了我国上市公司资本结构治理效应弱化的现实情况，最后提出了加强国有上市公司资本结构的治理效应的建议。br / br / 关键词：资本结构，公司治理，治理效应br / nbsp;br / The Analysis of the Chinese Listed Company about the Affection br / nbsp;of the Capital Structure br / Abstractbr / The people cared about the capital structure the main reason is the capital structure has the certain company to govern the effect, it including the debt government effect and the stockholders rights structure government effect, may change the company through the change companys capital structure to govern the efficiency, may achieve the enhancement state-owned goes on the market the company in the market economy environment the competitive power goal. As a result of the our country unique politics, the economic system, our country enterprise in by the planned economy the capital structure which forms to the market economy switcher process in is quite unique, it has affected in the normal condition the capital structure government effect display, this with US, England goes on the market the company capital structure characteristic to be different, also is different with Germany, Japan goes on the market companys capital structure characteristic. At present, our country goes on the market in the company the capital structure government effect to be at the attenuated condition, the stockholders rights structure and the debt government effect does not have fully to display. This article first elaborated the capital structure government effect elementary theory, then analyzed our country to go on the market the realistic situation wh