资本结构，股利分配及股权结构非线性关系研究

We have finished three following research results according to the demand of project. First, based on agency cost theory, we have established simultaneous equations among capital structure, dividend payout and equity structure, which expand the shortcoming of single equation model used by literatures. Our empirical result indicate that there exist significant interaction relation among capital.structure, dividend payout and equity structure in Chinese listed companies. Second,based on first research, we have studied dividend policy and its related issues,such as the comparative analysis between cash dividend and share dividend, dividend payout tendency, the impact of agency cost on dividend policy and the reaction of A, B share market on dividend payout, and some meaningfull empirical results. Third,.we have studied some issues on the relationship between capital structure and equity structure, the impact of firm’s financial position on agency cost of debt, the existence of Beta coefficient and its related characteristic. Above results have.important theoretical and practical meaning for corporate manager to understand securities market and make efficient financing, invest and dividend payout policy according to firm’s financial position situation.

本项目在系统研究资本结构，股利分配及股权结构之间的相互作用机制的基础上，提出企业‘三角平衡理论’假说，并建立反映其双向因果关析的非线性联立方程，对假说进行检验和修正，这对于促进公司财务理论的发展，完善公司股权结构，规范企业的财务运作，提高企业资本运营的效率，促进证券市场的健康发展，具有重要的理论意义和现实意义。