Empirical Research On The Influence Of Ownership Structure To Capital Structure In China

The role and efficiency of ownership structure on corporate governance is always the hot issues in the academic.The ownership structure,which has a significant impact on the way of corporate governance,is the basis of corporate governance.However,the domestic research of ownership structure focuses on the reasons for the formation,the relationship between ownership structure and corporate performance and so on.Seldom researches the relationship between ownership structure and financial decision-making.And the research of capital structure also focuses on the financing structure of state-owned enterprises with high debt and other issues.Although some scholars considered the impact of alternative variables on capital structure,the direct empirical studies on the relationship between ownership structure and capital Structure are few.From the agent theory,we sample the domestic listed corporations and attempt to make the empirical research on the relationship between the shareholding structure and the capital structure.We find that the management shareholdings,stock concentration and the ratio of the outstanding shares will have a significant impact on the capital policy.In the future,the study can also be extended to the relationship between ownership structure and corporate financial management;this will help the research on ownership structure and corporate performance in-depth.