终极所有权结构对权益资本成本的影响——来自中国上市公司的经验证据  

The effect of ultimate ownership structure on cost of equity capital: Empirical evidence from Chinese listed companies

作　　者：肖作平[1,2] 

机构地区：[1]西南交通大学经济管理学院,成都610031 [2]服务科学与创新四川省重点实验室,成都610031

出　　处：《管理科学学报》2016年第1期72-86,共15页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(71002062;71272140;71472157)

摘　　要：采用三种模型（GLS模型、ES模型和0J模型）度量上市公司权益资本成本，以2004～2007年连续4年均能获得相关资料的中国非金融类上市公司构成的面板数据为研究样本，在控制相关变量下，基于代理成本和信息不对称视角实证检验终极所有权结构与权益资本成本之间的关系．研究发现，终极所有权结构是影响权益资本成本的重要因素之一．具体而言：（1）现金流量权与权益资本成本显著负相关；（2）控制权和现金流量权的分离度与权益资本成本显著正相关；（3）与终极控股股东是非国有控股的公司相比，终极控股股东是国有控股的公司具有相对高的权益资本成本．Controlling related variables, the paper adopts three kinds of methods （ GLS model, ES model and OJ model） to measure the cost of equity capital of listed companies, applies panel data consisting of related continuously obtainable information of Chinese non-financial listed companies dated from 2004 to 2007, and, within the framework of agency cost and information asymmetry, empirically examines the relationship between the ultimate ownership structure and the cost of equity capital. The results show that the ultimate ownership structure is one of the important factors to affect the cost of equity capital ： （ 1 ） Cash flow right is remarkably negatively correlated with the cost of equity capital ; （2） The separation degree of controlling fight and cash flow right is remarkably positively correlated with the cost of equity capital ; （ 3 ） The cost of equity capital of companies that are ultimately controlled by the state is significantly higher compared with those companies whose ultimate controllers are non-state-owned enterprises.

关 键 词：终极所有权结构 权益资本成本 面板数据 

分 类 号：F832.5[经济管理—金融学]