中文摘要：

随着新制度经济学的发展，资本市场制度发展对经济增长和微观决策主体的影响，日益受到研究者的关注。在转轨经济中，银行控制了大量的经济资源，利用资金配置权设租，谋求规定以外的经济利益，增加了公司债务融资成本。由此产生的资本市场不完善会如何影响公司资本结构决策呢？本文通过理论分析认为，以价值最大化为目标的公司，一方面减少债务融资，另一方面通过长期贷款减少交易频率，导致公司债务融资比例下降和债务期限长期化。本文以谢平、陆磊（2005）的中国银行腐败的调查数据为基础，分析银行腐败对上市公司资本结构决策的影响，结果支持了本文的理论分析，即随着银行腐败成本的上升，公司更倾向于股权融资和长期信贷。银行垄断及其孳生的腐败成本是影响中国公司资本结构决策重要的制度因素。

英文摘要：

The effects of financial market on the economic development and firms＇ decision are important topics in the financial research. During the economic transitional period, banks are rent - protectors in the process of the resources allocation, which will increase the cost of corporate debt financing. The corporations will need less debt from bank and borrow more long - term loan that can reduce the transaction frequency to lower the rents. Based on survey of Xie Ping and Lu Lei （2005）, this paper tests the effect of implied interest rate from bank corruption （IIRBC） on the level and duration of bank loan in listed companies, and the results are consistent with the hypothesis above, and therefore the banks corruption is an important factor to corporate financing decisions.