本文研究伊斯蘭教法與公司治理是否會影響資本結構，並將公司治理分為董事會特徵與所有權結構，以2011年至2019年印尼上市公司作為樣本，對研究假說進行驗證。本文實證結果發現當考量到伊斯蘭教的教義規範後，由於其保守的特性，與對融資的限制，使得遵循伊斯蘭教義的公司，有較低的負債比率。在伊斯蘭教義與董事會規模、機構投資人持股比率的交互作用對負債比率的影響上，與本文推論相符，然而獨立董事比率與內部人持股比率則未獲實證上的支持。本文在管理實務有其意涵，亦即當宗教的高道德標準落實於管理實務時，管理者如何平衡公司管理機制與宗教道德的箝制規範，是影響公司融資決策的重要考量；此外在投資實務上，當投資人進行投資決策時，宗教與管理制度的融合與衝突，是投資決策考量的重要因素。
This article studies the influence of Islamic Sharia law and corporate governance on capital structure, and instructs the classification characteristics and structure of corporate governance, taking Indonesia's listing from 2011 to 2019 as a sample to demonstrate the false results of the research. After the Islamic doctrines and norms, due to the characteristics of their beliefs and financing restrictions, there are organizations that follow Islamic doctrines and companies with lower talents. The impact on animated children is the same as the inference of this article, but happiness and the introduction of independence from insiders were unsuccessful. This article has its own meaning and support in management practice, that is, when high religious standards can avoid management practice time, how managers operate to balance the company’s management mechanism with religious ethics is an important consideration that affects the company’s decision-making. In investment practice, when investors make investment decisions, the integration and conflict of religion and management mechanisms are important factors considered in investment decisions.
