本研究主要目的為探討中國上市企業的股權結構與負債比率的相關性，樣本取樣於中國2001年到2009年間之上海及深圳的上市企業，從中國國內機構投資人持股比率、外部董事比例、董事會規模、內部人持股比率等因素，與長期負債比率進行分析。本研究發現，中國國內機構投資人持股比率與長期負債比率具有顯著的負相關；外部董事比例與長期負債比率則具有顯著的正相關；而董事會規模與長期負債比率具有顯著的正相關；至於內部人持股比率則與長期負債比率具有顯著的負相關。 This study examines the relationship between the ownership structure and the debt ratio of Chinese listed firms.We select the Chinese firms listed on Shanghai and Shenzhen exchanges ranging from 2001 to 2009 as the sample and proceed with the analysis based on the institutional ownership, the proportion of outside directors, board size, insider ownership and the debt ratio.We find that the ownership of domestic institutions has significantly negative relationship with long-term debt ratio; the proportion of outside directors is significantly and positively associated with long-term debt ratio; as for the insider ownership, it has significantly negative relationship with long-term debt ratio as well.
