政治联系、市场化进程与权益资本成本——来自中国民营上市公司的经验证据  

Political Connection,Marketization Process and the Cost of Equity Capital——Empirical Evidence from Chinese Private Listed Companies

作　　者：连军[1] 

机构地区：[1]重庆大学经济与工商管理学院

出　　处：《经济与管理研究》2012年第2期32-39,共8页Research on Economics and Management

基　　金：国家自然科学基金项目"产权控制路径下的资本投资与配置效率研究"(批准号71172082);中央高校基本科研业务费重庆大学项目"政治联系对民营企业投融资的影响研究"(批准号CDJXS11020005)

摘　　要：以中国民营上市公司为样本,文章实证检验不同市场环境下政治联系对企业权益资本成本的影响,研究发现:政治联系对权益资本成本的影响在不同地区是有差异的;在市场化程度较低地区,由于政府干预导致企业经营业绩有较高的不确定性,有政治联系企业承担着较高的权益资本成本;在市场化程度较高地区,政府干预相对较少,政治联系更多地体现为一种荣誉或良好的政商关系,此时有政治联系企业享有较低的权益资本成本;当上市公司存在控股股东利益输送时,投资者预期到无法共享政治联系为企业带来的利益,此时有政治联系企业要承担较高的权益资本成本。本研究为厘清政治联系对企业和投资者的利弊影响提供了一个有益的视角。Choosing Chinese private listed enterprises as samples, this paper studies the impact of political connections on the cost of equity capital, the results show that ： in the region of lower degree of marketization, the operating performance of firms is uncertainty because of government＇s interventions, PCFs （ political - connected firms） bear the higher costs of equity capital ; in the region of higher degree of marketization, because of government＇s interventions are less, po- litical connection represents an honor for firms or a good relationship with government, so PCFs have the lower costs of equity capital. PCFs must bear the higher costs of equity capital when listed firms transfer interests to controlling shareholders, because minority shareholders know that they can＇t share the benefits of political connection. This study provides a meaningful perspective for clarifying the pros and cons of political connection for firms and investors.

关 键 词：政治联系 权益资本成本 市场化进程 

分 类 号：F275[经济管理—企业管理]