论文部分内容阅读
选取沪深两市936家A股制造业上市公司作为研究样本,以其2011-2014年财务数据作为研究基础,从上市公司终极控制人两权分离比、终极控制人性质及控制权一致性的角度,运用描述性统计和回归分析等方法,研究了终极控制人对上市公司债务融资水平的影响。研究结果表明:终极控制人两权分离程度越大,上市公司的债务融资水平越高;终极控制人为国有时,上市公司债务水平较高;同时控制权一致性也对上市公司债务融资水平具有显著影响。
This paper chooses 936 A-share manufacturing listed companies in Shanghai and Shenzhen stock markets as the research sample and takes the 2011-2014 financial data as the research basis. From the ultimate controlling person’s separation ratio of the two listed companies, the nature of ultimate controlling person and the consistency of control right From the perspective of descriptive statistics and regression analysis, this paper studies the effects of ultimate controllers on the debt financing of listed companies. The results show that: the greater the degree of separation of the two ultimate controllers, the higher the debt financing of listed companies; the ultimate controlling shareholder is state-owned, the debt of listed companies is higher; and the consistency of control also has significant debt financing for listed companies influences.