摘要
控制权是影响公司资本结构的重要因素之一,在我国上市公司中影响尤其重大。综述评论资本结构理论中的三大分支,即代理成本理论、信息不对称理论和控制权理论,着重评述控制权理论中不同控制权的分配对资本结构的影响,并根据我国实际情况,提出在我国上市公司中影响资本结构的主要因素是处于控制权地位的管理者。由于管理者的利益来源不同于其他国家,我国上市公司资本结构特征明显区别于其他国家。
The corporate control is one of the major factors that affect the company＇ s capital structure, particularly in China＇ s listed companies. This paper reviews the capital structure theory＇ three major branches, that is, the agency cost theory, the theory of asymmetric information and the corporate control theory, focusing on the corporate control theory that the different distribution in corporate control has different influence on capital structure. In accordance with the actual situation in China, the major factor of impacting capital structure is the managers who are in the controlling status. As the source of interest of corporate managers in China is different from that of other countries, China＇ s listed companies＇ capital structure is significantly different from other countries.
出处
《广东商学院学报》
2008年第5期73-78,共6页
Journal of Guangdong University of Business Studies
关键词
控制权
资本结构
管理者利益
控制权理论
corporate control
capital structure
interest of manager
the corporate control theory
