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The Relationship between Corporate Governance Structure and Capital Expenditure Decision——Empirical Evidence from Listed Hainan Companies
Author(s): 
Pages: 160-167
Year: Issue:  2
Journal: HUMANITIES & SOCIAL SCIENCES JOURNAL OF HAINAN UNIVERSITY

Keyword:  公司治理股权结构资本支出;
Abstract: 以2004年12月31日前海南省在深、沪两地上市的公司1994-2005年度的观测值为样本,对公司治理结构与企业资本支出关系进行了理论与实证分析.经验证据表明,法人股比例、董事会活动、领导结构、高管规模与企业资本支出显著正相关;国有股比例、董事会规模与资本支出显著负相关;股权集中度、流通A股比例与企业资本支出正相关,但不显著;独立董事比例、管理者持股比例与企业资本支出负相关,但不显著.
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