资本成本约束与公司财务政策——来自中国上市公司的经验证据  

Cost of Capital Constraint and Corporate Financial Policy

作　　者：汪平[1] 邹颖[1] 袁光华[1] 

机构地区：[1]首都经济贸易大学会计学院,北京100070

出　　处：《财会通讯（下）》2013年第10期92-96,共5页Communication of Finance and Accounting

基　　金：教育部人文社科规划基金资助项目"资本成本;价值创造与我国国企EVA考核研究"(项目编号:10YJA630146);教育部人文社科青年基金项目"金融危机下我国企业非效率投资行为治理研究"(项目编号:10YJC630024);国家社科基金资助项目"资本成本约束;可持续分红与国有企业价值创造"(项目编号:11BGL026);北京市教委科研水平提高项目;北京市属高等学校创新团队建设与教师职业发展计划项目的阶段性成果

摘　　要：科学、合理的财务政策一定是以资本成本估算值为基准、以股东财富最大化为目标追求的财务政策,这种财务政策所引导的理财行为也必然是高效的。资本成本对于各种财务政策制定过程中的约束效应是我们研究公司财务政策问题时不可绕过的一个核心问题。不关注投资者的要求报酬率,没有必要的资本成本约束,必将导致错误的、非理性的财务政策,将企业引导至低效的、混乱的发展轨道上,企业的绩效与可持续发展也将难以维持。本文研究发现:我国企业的财务政策与资本成本的正确关联度较低,资本成本对于财务政策的约束效应有待加强。这表明投资者利益保护对于我国企业理财行为的约束力较差。Scientific and rational financial policy must be based on the estimation of cost of capital and pursuit the goal of shareholder wealth maximization,which can lead to high efficient financial management behavior.Cost of capital constraint effect on a variety of financial policy-making process is a core issue that can not be circumvented in our research on firm financial policy issues.Not caring about the investors' required rate of return,not having the necessary cost of capital constraint,will definitely lead to bad and irrational financial policies and guide the enterprise into inefficient,chaotic development track,then performance and sustainable development will also be difficult to maintain.The data show that our companies' financial policies and the cost of capital are lowly correlated,the cost of capital constraint effect on financial policy should be strengthened.This also reflects that the interests of investors protection has less binding for the behavior of corporate finance in China.

关 键 词：资本成本 约束效应 财务政策 

分 类 号：F275[经济管理—企业管理]