证券投资基金持股可以降低股权资本成本吗?——来自中国A股上市公司的经验证据  

作　　者：毛洪涛[1] 邓博夫[1] 吉利[1] 

机构地区：[1]西南财经大学

出　　处：《投资研究》2013年第11期121-137,共17页Review of Investment Studies

基　　金：国家自然科学基金项目(70872093;71172228;71302184);教育部人文社会科学研究项目(13YJC790054);教育部新世纪优秀人才支持计划(NCET-09-0658);财政部"全国会计领军(后备)人才培养项目";西南财经大学中央高校基本科研业务费专项资金(JBK130508;JBK130394;JBK1207089)的资助

摘　　要：本文以证券投资基金为研究对象,考察了其持股对上市公司股权资本成本的影响。理论分析表明,当整体持股水平较低时,证券投资基金会恶化公司治理增加上市公司股权资本成本,只有其整体持股达到较高水平时才能改善公司治理降低上市公司股权资本成本。实证结果表明,证券投资基金持股比例与股权资本成本呈现显著的倒U型关系,同时国有产权性质会削弱证券投资基金持股比例与股权资本成本之间的倒U型关系。This paper examines the relationship between the institutional ownership, measured by the percentage of out- standing shares held by the securities investment funds, and the cost of equity capital. Empirically, the securities invest- ment funds exacerbate the corporate governance and increase the cost of equity capital if their ownership is small. How- ever, if their ownership is large enough, the securities investment fimds improve corporate governance and lower the cost of equity capital. Our empirical results support that the relationship between the securities investment funds and the cost of equity capital is well-established as an inverted U-Shape while the state owned property right attenuates this ef- fect.

关 键 词：证券投资基金 倒U型关系 股权资本成本 

分 类 号：F832.51[经济管理—金融学]