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本文采用固定效应模型,通过多元回归分析对公司内部治理对资本结构选择的影响进行了实证分析。研究表明:股权结构、董事会特征、监事会特征、领导结构、股权集中度对资本结构选择有显著影响。其中国家股比例、法人股比例、董事会规模、监事会规模、董事会对高管层的控制以及第一大股东持股比例与资本结构显著负相关;独立董事比例与资本结构显著正相关。在此基础上,总结了公司治理结构与资本结构的内在联系,并对优化上市公司资本结构,提高治理效率提出了相关建议。
In this paper, a fixed-effects model is used to analyze the impact of internal governance on the choice of capital structure through multiple regression analysis. The research shows that the ownership structure, the characteristics of the board of directors, the characteristics of the board of supervisors, the leadership structure and the ownership concentration have a significant impact on the choice of capital structure. Among them, the proportion of state-owned shares, the proportion of legal person shares, the scale of the board of directors, the size of the board of supervisors, the board’s control over senior management and the shareholding ratio of the largest shareholder are significantly and negatively correlated with the capital structure. The proportion of independent directors has a significantly positive correlation with the capital structure. On this basis, the author summarizes the inherent relationship between corporate governance and capital structure, and puts forward some suggestions to optimize the capital structure of listed companies and improve the efficiency of governance.