东北大学学报（自然科学版）

东北大学学报（自然科学版） ›› 2021, Vol. 42 ›› Issue (8): 1194-1202.DOI: 10.12068/j.issn.1005-3026.2021.08.019

• 管理科学 • 上一篇    下一篇

社会信任、两权分离与资本结构偏离度——基于我国中小板上市公司的实证检验

刘颖， 钟田丽   

  1. (东北大学 工商管理学院， 辽宁 沈阳110169)
  • 修回日期:2020-10-22 接受日期:2020-10-22 发布日期:2021-09-02
  • 通讯作者: 刘颖
  • 作者简介:刘颖 (1986-)，女，吉林通化人，东北大学博士研究生; 钟田丽(1956-)，女，辽宁大连人，东北大学教授，博士生导师.
  • 基金资助:
    -

Social Trust， Separation of Two Rights and Capital Structure Deviation: Based on an Empirical Test of China’s Small and Medium-Sized Listed Companies

LIU Ying， ZHONG Tian-li   

  1. School of Business Administration， Northeastern University， Shenyang 110169， China.
  • Revised:2020-10-22 Accepted:2020-10-22 Published:2021-09-02
  • Contact: LIU Ying
  • About author:-
  • Supported by:
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摘要： 从社会资本治理机制视角，在运用组合评价法综合度量社会信任综合水平基础上，以2007—2016年中小板上市公司为样本数据，实证研究社会信任在终极控股股东两权分离与企业资本结构偏离度两者关系之间的调节作用.实证结果发现:终极控股股东两权分离度越大，企业实际资本结构与目标水平的偏离度越大;社会信任综合水平具有缓解这种偏离度不利影响的调节作用.按照终极控股股东的国有与非国有性质和强控制模式与弱控制模式，进一步分组检验发现，终极控股股东的不同所有权性质和不同控制模式，对于两权分离对资本结构偏离度的影响具有差异，社会信任综合水平在两者之间的调节作用也存在一定差异.

关键词: 社会信任;两权分离;资本结构偏离度;调节作用;治理机制

Abstract: The regulatory role social trust plays in the separation of ultimate controlling shareholders’ control right and cash flow right and capital structure deviation is explored using the data of SMEs. The empirical results show that the greater the separation degree of the two rights， the greater the degree of capital structure deviation， and the comprehensive level of social trust can alleviate the adverse effect of the separation of the two rights on capital structure deviation. According to the state-owned and non-state-owned nature of ultimate controlling shareholders and the strong control mode and weak control mode， a further empirical test shows that the different ownership nature and different control modes of ultimate controlling shareholders have different effects on capital structure deviation due to the separation of the two rights， and there are certain differences in the regulatory role of social trust between the two.

Key words: social trust; separation of two rights; capital structure deviation; regulatory role; governance mechanism

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