中文摘要：

以沪、深两市2004—2009年上市公司为研究对象，将制度环境与产权性质纳入统一分析框架，深入研究了我国各地区制度环境差异对公司资本结构的影响以及上述影响在不同产权性质公司间的差异。研究表明：市场化程度高的地区具有相对较低的负债水平，而政府部门能够通过行政干预帮助公司获取银行贷款，政府干预程度与资产负债率显著正相关；随着法律环境的改善，公司倾向于降低资产负债率水平；相对于非国有控制公司，在国有控制公司，市场化程度、法律环境对资产负债率的负向影响更大，而政府干预程度对资产负债率的正向影响也更大。这一研究结果不仅丰富了国内外学者关于资本结构影响因素的经验研究，而且有助于深入理解我国公司资本结构不合理的制度根源。

英文摘要：

Using a corporate-level dataset of Chinese listed companies over the period of 2004-2009, this paper brings institutional environment and property rights into the unified analytical framework of capital structure, studies the influence of institutional environment on capital structure and the differences between different property rights companies. The results show that regions with higher level of marketization have relatively low debt levels. The government can help the company access to bank loans through intervention, and the degree of government intervention is positively correlated to capital structure significantly. With the improvement of legal environment, companies tend to reduce the debt level. Compared to non-state controlled companies, the negative impact of marketization degree and legal environment on capital structure of state-controlled companies is stronger, and the positive impact of government intervention on capital structure is also even stronger. This paper not only enriches the relevant studies on capital structure, but also helps us to deeply understand the institutional roots of the irrational capital structure in our country.