股份回购影响了公司债务融资成本吗?  

Does Share Repurchase Affect the Financing Cost of Corporate Debt?

作　　者：赵晴 兰俊涛 Zhao Qing;Lan Juntao(School of Business,Zhengzhou University of Aeronautics,Zhengzhou 450046,Henan,China;School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,Hubei,China)

机构地区：[1]郑州航空工业管理学院商学院,河南郑州450046 [2]中南财经政法大学会计学院,湖北武汉430073

出　　处：《金融发展研究》2020年第11期38-47,共10页Journal Of Financial Development Research

基　　金：国家社会科学基金一般项目“上市公司分红的外部监管与内部治理耦合研究”(13BJY014);河南省重点研发与推广专项(软科学)项目“股份回购影响公司股价崩盘风险作用机制研究”。

摘　　要：本文研究了股份回购对公司债务融资成本的影响。研究结果表明:股份回购有助于降低公司的债务融资成本,其作用机制在于股份回购能够降低公司的盈余管理程度、提高其会计稳健性;与此同时,股份回购对公司债务融资成本的降低效应在代理成本较高的公司中更为突出,说明股份回购影响公司债务融资成本的主要途径是降低公司的信息风险以及债务代理风险。进一步研究表明:在市场化程度较低、非国有的公司中,股份回购降低其债务融资成本的效应更为明显;排除货币政策、股权再融资的影响后,股份回购依然能够显著降低公司的债务融资成本。股份回购作为一种有效的资本运作方式能够帮助企业更容易获得外部债务融资,这为我国上市公司特别是融资难、融资贵的公司在进行债务融资决策时提供了重要的参考。This paper studies the impact of the share repurchase on the financing cost of corporate debt.The results show that the share repurchase can help reduce the cost of corporate debt,and its mechanism is that share repurchase can reduce the degree of earnings management and improve the accounting robustness of the company.Meanwhile,the effect of stock repurchase on the reduction of corporate cost of debt is more prominent in companies with higher agency costs.It shows that the main way for stock repurchase to affect the cost of corporate debt is to reduce the information risk and debt agency risk.The further research shows that the effect of stock repurchase on reducing the cost of corporate debt is more obvious in the companies with lower degree of marketization and non-state-owned enterprises;in addition,excluding the impact of monetary policy and equity refinancing,the share repurchase can still significantly reduce the cost of corporate debt.As an effective way of capital operation,the share repurchase can help enterprises more easily obtain external debt financing,which provides an important reference for listed companies in China when they make debt financing decisions,especially for those companies with difficulty in loan and financing.

关 键 词：股份回购 债务成本 信息风险 代理风险 

分 类 号：F830.91[经济管理—金融学]