政府背景大客户能否降低民营企业权益资本成本  

Can Major Government Customers Reduce Private Firms’Cost of Equity Capital

作　　者：窦超 杨雪 陈战光 DOU Chao;YANG Xue;CHEN Zhan-guang

机构地区：[1]中央财经大学商学院 [2]广西壮族自治区财政厅

出　　处：《财务研究》2021年第5期89-99,共11页Finance Research

基　　金：清华大学中国现代国有企业研究院专项课题项目(iSOEYB202101);国家自然科学基金青年项目(72002235);教育部人文社会科学研究项目(20YJC630016)。

摘　　要：本文利用2007~2018年A股民营上市公司客户订单数据,从微观企业层面系统考察政府背景大客户的采购行为对企业权益资本成本的影响。研究结果表明,政府背景大客户采购能有效降低民营企业的权益资本成本,当民营企业拥有政府背景大客户的稳定订单、具有较高的分析师关注度、面临较高的经济不确定性时,政府背景大客户更有助于降低企业的权益资本成本。与此同时,本文发现政府背景大客户采购可以通过降低企业财务风险,进而降低企业的权益资本成本。上述研究发现对我国政府采购政策的推行完善具有一定的现实意义,对全面推行注册制背景下企业获取市场认可、改善市场认知具有一定的参考借鉴价值。We use the customer data of Chinese A-share private listed companies from 2007 to 2018 to systematically examine the impact of major government-background customers on the cost of corporate equity capital from the perspective of micro level. The research results show that the purchase of major government-background customers can effectively reduce the cost of equity capital of the enterprise. Further, for companies with more sustainable and stable major government-background customers, higher analyst coverage, and higher economic uncertainty,major government-background customers can significantly reduce the cost of equity capital. At the same time, we find that financial risk is an essential intermediary factor. The above research findings have essential implications for capital market investors in interpreting the information content of listed companies’ acquisition of government-background customer orders, and provide a new reference for government departments to improve their regulatory policies as well.

关 键 词：政府背景大客户 政府采购 民营企业 权益资本成本 

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