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资本结构作为企业权益资本和债务资本的比例关系,是企业相关利益者权利义务的集中反映,是企业财务管理和资本运营中的一个重要内容。随着以所有权和经营权两权分离为特征的现代企业制度的发展,资本已经成为联系现代企业所有权和经营权的纽带。本文采用2005-2009年宁波规模以上制造业企业资本结构及其治理效率相关指标,进行实证分析,考察工业制造业行业资本结构治理效应特征,并提出若干相关意见建议。
The capital structure, as the proportional relationship between corporate equity capital and debt capital, is a concentrated reflection of the rights and obligations of stakeholders and is an important part of corporate financial management and capital operation. With the development of a modern enterprise system characterized by separation of ownership from management rights, capital has become a link between ownership and management of modern enterprises. In this paper, we use the capital structure of manufacturing enterprises above designated size in Ningbo from 2005 to 2009 and the related indicators of their governance efficiency to conduct empirical analysis to examine the characteristics of governance effects of capital structure in industrial manufacturing industry and put forward some relevant suggestions.