权益分类	功能权益	普通用户	{{item.name}}会员
{{category.name}}	{{benefitItem.name}}

An empirical research on the formation mechanism of capital structures and dividend policies in Japanese corporations within the framework of the agency theory

代理理论框架下日本企业资本结构与股利政策形成机制的实证研究

基本信息

批准号：
61450083
负责人：
KOYAMA Akihiro
金额：
$ 2.75万
依托单位：
GAKUSHUIN UNIVERSITY
依托单位国家：
日本
项目类别：
Grant-in-Aid for General Scientific Research (B)
财政年份：
1986
资助国家：
日本
起止时间：
1986 至 1987
项目状态：
已结题

项目摘要

Our main concern is as follows; How can the formation mechanisms of capital structures and dividend policies in Japanese corporations be analyzed within the framework of the agency theory? How can the re-examination of the financial policies of firms be performed using the new framework? We have found some interesting fact.1. Capital StructuresUtilizing the agency theory, we have analyzed the relationship between the manager and the stockholders. The former tries to reduce the agency cost that accrues from the conflict among them when he makes he makes financing decisions.We have made saveral empirical researches on the determinants of capital structures, mainly that of the debt ratio. In our research, we have shown that the business risk and growth rate of sales are important determinants of the debt ratio. In the relationship between the manager and the stockholders, they have various influences on the financing decision of the manager. 2. Dividemd PoliciesJapanese Corporation have the tendency to decide the amount of dividends acording to the 'divideng ratio' rule. Pay-out ratio has no importance in Japan. The ownership structure of shares have an influence on the dividend policy of firms. For example, the diffuser the ownership structure is, the more dividend managers pay. Generally speaking, the dividend policy can be used as the divice to control the agency cost of external capitals.

我们主要关心的问题是：如何在代理理论的框架内分析日本企业资本结构和股息政策的形成机制？如何利用新的框架重新审查企业的财务政策？我们发现了一些有趣的事实。资本结构运用代理理论，分析了经理人与股东之间的关系。本文对资本结构的影响因素进行了大量的实证研究，主要是对负债率的影响进行了实证研究。在我们的研究中，我们已经表明，业务风险和销售增长率是负债率的重要决定因素。在经营者与股东的关系中，他们对经营者的融资决策有着多方面的影响。2.日本公司倾向于根据“股息比率”规则来决定股息的数额。支付比率在日本并不重要。股权结构对公司的股利政策有影响。例如，股权结构越分散，经理支付的股息就越多。一般来说，股利政策可以作为控制外部资本代理成本的工具。