市场化改革与权益资本成本  

Market-Oriented Reform and Cost of Equity Capital

作　　者：陈琛[1] 

机构地区：[1]厦门大学管理学院

出　　处：《投资研究》2014年第3期4-16,共13页Review of Investment Studies

摘　　要：制度环境对权益资本成本的影响越来越受到关注,以往研究主要集中在信息披露以及法律制度建设方面。本文直接从宏观制度环境角度研究影响资产定价的基本因素,指出市场化改革会提升企业运营效率、改善业绩、增强管理层激励以及公司治理水平,从而降低权益资本成本。进一步,我们发现,相比非国有企业,国有产权会减弱市场化改革的作用,并且市场化改革可以看作是公司治理的一个外部补充机制。此外,本文用产品市场竞争程度作为市场化改革的替代变量进行了稳健性测试,发现产品市场竞争程度越高,企业的权益资本成本越低,进一步证实了市场化改革会降低权益资本成本。The relation between institutional settings and the cost of equity capital is a hot issue recently. Former research mainly focuses on information disclosure and the construction of legal system. This paper directly explores factors that influence asset pricing from macro institutional environment. We find that market-oriented reform will increase operating efficiency, improve performance, and enhance management incentives and corporate governance, hence decrease cost of equity capital. Further, we find that compared with non-SOEs, SOEs will attenuate the effect of market-oriented reform. In addition, market-oriented reform could be regarded as complementary of corporate governance. The result is robust when we use product market competition as an proxy variable for market-oriented reform.

关 键 词：市场化 权益资本成本 国有企业 公司治理 

分 类 号：F276.1[经济管理—企业管理] F832.5[经济管理—国民经济] F224