国有资本授权经营与资本结构动态调整被引量：5

Authorized Operation of State-owned Capital and Dynamic Adjustment of Capital Structure

导出

摘要资本结构动态调整是企业价值提升的重要条件.本文以2010—2021年国有上市企业为样本,考察了国有资本授权经营制度改革对资本结构动态调整的影响.研究发现,国有资本授权经营制度改革对提升资本结构调整速度具有显著的促进作用.渠道检验表明,国有资本授权经营制度改革通过降低社会性负担以及治理管理者代理问题,提升了资本结构调整速度.进一步研究发现,在非国有股东持股比例较低、国有资本运营公司控股、低成长性、成熟期以及衰退期的企业中,国有资本授权经营制度改革提升资本结构调整速度的作用更显著.本文拓展了企业资本结构动态调整影响因素的研究,并且丰富了国有资本授权经营制度改革效果的研究,对于优化国有企业资本结构以及完善国有资本授权经营制度具有一定的现实启示. The dynamic adjustment of capital structure is an important factor for the promotion of enterprise value.Taking the state-owned listed enterprises from 2010 to 2021 as a sample,this paper examines the impact of the reform of the authorized operation system of state-owned capital on the dynamic adjustment of the capital structure of state-owned enterprises.This paper finds that the reform can significantly improve the speed of capital structure adjustment of state-owned enterprises.The mechanism test finds that the reform can improve the speed of the capital structure adjustment of state-owned enterprises by reducing the social burden and governing the managers'agency problem.Further research shows that in enterprises with lower shareholding ratios of non-state-owned shareholders,controlled by state-owned capital operating companies,low growth potential,and in mature and declining periods,the reform plays a more significant role in improving the speed of capital structure adjustment.This paper expands the research on the influencing factors of the dynamic adjustment of enterprise capital structure,and enriches the research on the effect of the reform of authorized operation system of state-owned capital.The conclusion of this paper has some practical enlightenment for optimizing the capital structure of state-owned enterprises and perfecting the authorized operation system of state-owned capital.

作者梁上坤姜艳峰 Shangkun LIANG;Yanfeng JIANG(School of Accounting,Central University of Finance and Economics,Beijing 100081,China)

机构地区中央财经大学会计学院

出处《计量经济学报》 CSSCI CSCD 2023年第4期1122-1153,共32页 China Journal of Econometrics

基金国家自然科学基金面上项目(72272164,72073019,71872196) 国家社会科学基金重大项目(21&ZD145,19ZDA098)

关键词国有资本授权经营资本结构调整速度政策性负担管理者代理问题 authorized operation of state-owned capital speed of capital structure adjustment political burden managers'agency problem

分类号 F275 [经济管理—企业管理] F276.1 [经济管理—企业管理] F123.7 [经济管理—世界经济]

作者简介通信作者:梁上坤,博士,中央财经大学会计学院教授,博士生导师,研究方向:公司治理、公司财务、政府管制与政策,E-mail:Liang_sk@126.com;姜艳峰,博士,中央财经大学会计学院博士后,研究方向:公司治理、公司财务,E-mail:yfjiangjy@163.com。