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融资结构通常被视作现代公司的治理机制之一,以往文献大多把融资结构当作一个外生变量来处理。本文从动态内生性的视角出发,分析了大股东身份、融资结构与公司绩效之间的相互作用关系。实证研究表明:大股东身份显著地影响着融资结构,第一大股东持股比例越高,公司的资产负债率越高,而股份性质与资产负债率负相关;融资结构对公司绩效有着明显的影响作用,同期资产负债率越高,公司绩效越差,而前期资产负债率越高则当期公司绩效越好;公司绩效对融资结构有着显著的反馈作用,同期公司绩效越好资产负债率越低,而前期公司绩效越好则当期资产负债率越高。
The financing structure is usually regarded as one of the governance mechanisms of the modern company. In the past, most of the literature treats the financing structure as an exogenous variable. From the perspective of dynamic endogenousity, this paper analyzes the interaction between the shareholder identity, financing structure and corporate performance. Empirical studies show that: the major shareholders significantly affect the financing structure, the higher the proportion of the largest shareholder, the higher the company’s debt ratio, and the nature of the shares and debt ratio negatively correlated; financing structure of the company’s performance has obvious The higher the debt-to-asset ratio, the worse the company’s performance. The higher the previous ratio of assets and liabilities, the better the current corporate performance. The corporate performance has a significant feedback effect on the financing structure. In the same period, the better corporate performance, the lower the debt-to-asset ratio , While the better performance of the previous period, the current debt ratio higher.