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本文对大股东、法律制度环境与资本结构选择之间的关系做了实证研究,结果表明:第一大股东持股比例和公司资本结构负相关;法律环境好的地区的上市公司债务水平较低;法律环境的改善可以减缓第一大股东与债务水平的负相关关系。
This paper makes an empirical study on the relationship between the major shareholders, the legal system environment and the choice of capital structure. The results show that the shareholding percentage of the largest shareholder is negatively correlated with the company’s capital structure; the debt level of the listed company in the legal environment is relatively low The improvement of the legal environment can reduce the negative relationship between the largest shareholder and the debt level.