公司治理效率、投资者信心与股权资本成本  

Corporate Governance Efficiency,Investor Confidence and Cost of Equity

作　　者：赖泳杏[1] 范利民[2] 

机构地区：[1]广西大学行健文理学院 [2]广西大学商学院

出　　处：《财会通讯（下）》2016年第12期54-58,共5页Communication of Finance and Accounting

摘　　要：本文结合投资者情绪理论与公司治理理论,运用中国A股上市公司2012-2014年数据,对公司治理效率与投资者信心相关性以及二者的共同效应对股权资本成本的影响进行实证研究。结果表明:(1)公司治理效率越高,投资者信心越强;(2)公司治理效率对股权资本成本的下降有较好的促进作用;(3)在公司治理因素的影响下,投资者信心与股权资本成本之间不是单纯的负相关关系,而是呈现正U型关系。Combining investor sentiment theory and corporate governance theory,this paper examines the relationship between the corporate governance efficiency and investor confidence,as well as their effects on the cost of equity by using the Chinese A-share listed companies from 2012 to 2014 as samples,The main conclusions are as follows:(1)The higher the corporate governance efficiency,the higher the investor confidence;(2)The corporate governance efficiency has a better effect on the decrease of the cost of equity;(3)The relationship between investor confidence and the cost of equity influenced by the corporate governance is a positive U type rather than simply negative correlation.

关 键 词：投资者信心 股权资本成本 公司治理 经济增加值 

分 类 号：F275[经济管理—企业管理]