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摘要
自2004年5月17日中小企業(yè)板在深圳創(chuàng)設以來，截至2006年12月31日，
短短兩年多的時間里已經(jīng)有102家中小企業(yè)在此上市，其發(fā)展十分迅速。中小企
業(yè)板拓寬了中小企業(yè)的直接融資渠道，其發(fā)展有利于更大范圍地發(fā)揮資本市場的
資源配置功能和優(yōu)化我國金融市場的整體結構。但是，由于研究時間的限制，學
術界對中小企業(yè)板上市公司尚缺乏深入研究，尤其是中小板上市公司資本結構的
治理效應問題還是一個未知數(shù)。因此，有必要對我國特定的制度背景下的中小板
上市公司資本結構治理效應問題進行深入研究分析。
從理論上分析，企業(yè)資本結構與其自身價值是密切相關的，中小板上市公司
也不例外。因為資本結構是企業(yè)利益相關者權利義務的集中反映，它影響并決定
著公司的治理結構，進而影響并決定著企業(yè)行為特征及企業(yè)價值。其中，資本結
構的治理效應又可劃分為股權融資的治理效應和債務融資的治理效應。
以中小板上市公司為樣本，進行實證檢驗的結果則表明：其資本結構具有負
向治理效應，隨著資產(chǎn)負債率的提高，中小板上市公司的治理效率在下降；中小
板上市公司國有股、法人股和社會公眾股的治理作用不明顯，管理者持股具有正
向治理效應；其股權集中度也呈現(xiàn)出正向的治理效應；從債務的利息結構看，中
小板上市公司的有息債務表現(xiàn)出顯著的負向治理效應；從債務的期限結構看，中
小板上市公司的長期債務具有顯著的負向治理效應。
基于理論分析和實證檢驗的結論，本文提出如下優(yōu)化中小板上市公司資本結
構的措施：完善企業(yè)債務約束機制、拓寬中小板上市公司融資渠道、深化銀行體
制改革、強化股東治理作用等。
關鍵詞：中小板上市公司；資本結構；治理效應Abstract
Small and Medium Enterprise Board was build in Shenzhen on May 17,2004.To
December 31,2006,there have been 102 small and medium enterprises that came into
the market in the short two years.It is developing so rapidly.Small and Medium
Enterprise Board has enlarged channels of financing of small and medium enterprises.
Its development is propitious to allocating resource of the capital market widely and
optimizing the structure of the financial market.Because of the limited of the research
time,academia have not study the Small and Medium Enterprise Board Listed
Companies thoroughly.Especially,governance effects of the Small and Medium
Enterprise Board listed companies are unknown.So we need to study the governance
effects of the Small and Medium Enterprise Board listed companies udder our country
special system background thoroughly.
On the view of theoretical analysis,capital structure is closely related to the
enterprise’s value,and the same as Small and Medium Enterprise Board listed
companies.Because capital structure are the reflections of rights and incumbencies of
stakeholders.It decides and has influence on corporate governance structure.Then it
decides the enterprise’s behavior and it has influence on the enterprise’s value.
Governance effects of capital structure can be divided into governance effects of equity
financing and governance effects of debt financing.
Using the Small and Medium Enterprise Board listed companies as samples,the
empirical research showed that capital structure have negative governance effects.
Governance efficiency is declining as the enhancing of debt-asset ratio.Stockholders of
state-owned,legal-person and public people don’t have obvious governance effects.
Stockholders of managers have positive governance effects.Rates of ownership
concentration have positive governance effects too.On the view of the structure of
debt’s interest,debt in interest of Small and Medium Enterprise Board listed companies
has significant and negative governance effects.On the view of the structure of debt’s
term,long-term debt of Small and Medium Enterprise Board listed companies has
significant and negative governance effects.
We can optimize listed companies’ownership structure to control financial risk by
these measures base on theoretical analysis and empirical research.The measures
include:perfecting the enterprise’s debt-constraint scheme,enlarging channels ofIII
financing of Small and Medium Enterprise Board listed companies,innovating the bank
sector,strengthening the monitoring ability of stockholders and so on.
Key Words：Small and Medium Enterprise Board Listed Companies;Capital
Structure;Governance Effect目錄
第1章緒論....................................................................................................................1
1.1選題背景與研究意義............................................................................................1
1.1.1選題背景.........................................................................................................1
1.1.2研究意義.........................................................................................................1
1.2研究方法與結構安排............................................................................................2
1.3研究難點和創(chuàng)新....................................................................................................3
1.3.1研究難點.........................