摘要
董事会是公司内部治理的决策机构,董事会特征影响公司内部治理的资本结构。债务作为资本结构的组成部分,对上市公司的管理者有潜在的制约。因此,采用因子分析以及多元回归的方法,对57家中国房地产上市公司的董事会特征与资本结构选择的关系进行实证研究。研究结果表明,董事会规模与负债水平正相关;独立董事占全体董事成员的比例与负债水平正相关;董事激励与负债水平正相关;董事长和总经理两职兼任与负债水平负相关;董事会会议频率与负债水平负相关。
Board of directors was the decision-making organ of interior corporate governance, whose characteristics affected the capital structure of interior corporate governance. Debts served as a component of capital structure, which restricted the latently administrators of the listed company. Used the methods of factor analysis and multiple regressions, the relation between the board of directors＇ characteristics and choice of the capital structure of 57 listed real estate companies was studied empirically in china. The resuhs showed that there were positive correlation between liability level, board size and the proportion of the independent directors to the total number of the directors and the directors＇ incentives, but there were negative correlation between liability level, the concurrent service of the chairman of board and the general manager and the frequency of board meeting.
出处
《黑龙江八一农垦大学学报》
2014年第4期119-123,128,共6页
journal of heilongjiang bayi agricultural university
基金
黑龙江八一农垦大学2011年学成
引进人才科研启动基金(黑龙江垦区企业集团财务风险评价及预警机制构建)
关键词
公司治理结构
董事会特征
资本结构
corporate governance structure
board of directors characteristics
capital structure
