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将实际控制人与市场化进程纳入统一框架,深入研究了实际控制人与市场化进程及其交互作用对资本结构的影响。研究表明:负债融资扩大了实际控制人可控制的资源,便利了其攫取行为,实际控制人两权分离程度与资本结构正相关,现金流权与资本结构负相关。与非国有实际控制人相比,国有实际控制人通过扩大负债融资获取私有收益的动机相对较弱,其两权分离程度对资本结构的正向影响也相对较小。市场化环境的改善能够制约实际控制人通过扩大负债融资获取私有收益的程度,与市场化进程较低地区相比,市场化进程较高地区实际控制人两权分离程度对资本结构的正向影响相对较小。本研究不仅丰富了有关资本结构影响因素的经验研究,而且有助于深入理解我国公司资本结构不合理的制度根源。
The actual controller and the process of marketization into a unified framework, in-depth study of the actual controller and marketization process and its interaction on the capital structure. The research shows that debt financing expands the resources that can be controlled by the actual controller, facilitates its acquisition behavior, the degree of separation of the actual controller from the capital structure is positively correlated, and the cash flow right is negatively related to the capital structure. Compared with non-state-owned de facto controllers, the motivation of state-owned de facto controllers to obtain private benefits through the expansion of debt financing is relatively weak, and the positive influence of the separation of ownership on capital structure is relatively small. The improvement of the market-oriented environment can restrict the degree of actual controller gaining private benefits by expanding debt financing. Compared with the lower marketization process, the marketization process has a higher marketization process. Positive influence of separation of ownership of the actual controller on the capital structure in the region Relatively small. This study not only enriches the empirical research on the influencing factors of capital structure, but also helps to deeply understand the institutional roots of unreasonable corporate capital structure in our country.