腐败对企业股权融资成本的影响研究——基于新股发行的视角  

The Impact of Local Corruption on the Cost of Corporte Equity Financing:Evidence from IPOs in China

作　　者：朱宏泉 陈诗韵 李亚静[2] ZHU Hongquan;CHEN Shiyun;LI Yajing(School of Economics and Management,Southwest Jiaotong University,Service Science and Innovation Key Laboratory of Sichuan Province,Chengdu 610031;School of Economics and Management,University of Electronic Science and Technology of China,Chengdu 610054)

机构地区：[1]西南交通大学经济管理学院,“服务科学与创新”四川省重点实验室,成都610031 [2]电子科技大学经济与管理学院,成都610054

出　　处：《系统科学与数学》2022年第9期2412-2431,共20页Journal of Systems Science and Mathematical Sciences

基　　金：国家自然科学基金面上项目(71773100,91746109,72073109);教育部人文社科基金项目(18YJA790048,17XJC790009)资助课题

摘　　要：腐败作为一种外部因素,是否会对企业的股权融资成本产生影响?文章以沪深两市A股发行为样本,探讨了地区腐败对企业股权融资成本的影响.研究发现:首先,地区腐败会显著地降低新股发行定价、减少企业的资金募集,导致企业股权融资成本增大,这种影响与企业的异质性和企业所在地的市场环境相关,即高技术行业的企业、位于市场化程度低的地区的企业,地区腐败对其股权融资成本的影响相对较弱;其次,地区腐败越严重,所在地区的公司上市后三年的价值也越低;第三,路径分析显示,地区腐败对公司股权融资成本的影响会通过公司上市前是否有风险投资参与、公司现金持有量的多少产生作用.在考虑内生性、遗漏变量和更改腐败程度的度量指标等一系列稳健性检验后,结论依然成立.文章的工作进一步丰富了地区腐败的经济后果研究,同时也拓展了新股发行定价的影响因素研究.Does corruption,as an external factor,have an impact on the cost of equity financing for firms?This paper explores the impact of regional corruption on firm's equity financing costs,using A-share offerings in Shanghai and Shenzhen as a sample.It is found that:First,regional corruption significantly reduces the pricing of new share issues,reduces the capital raised by firms,and leads to an increase in the equity financing cost of firms,and this effect is related to the heterogeneity of firms and the market environment of their locations.The effects of regional corruption on the equity financing cost of firms in high technology industries and firms located in regions with low marketization are relatively weak.Second,the more serious regional corruption is,the lower the value of companies located in the region three years after going public.Third,the path analysis shows that the effect of regional corruption on the cost of equity financing will be mediated by venture capital participation before the company goes public and the amount of cash held by the company.The conclusions still hold after considering a series of robustness tests such as endogeneity,omitted variables and changing the metric of corruption level.The work in this paper further enriches understanding of the economic consequences of regional corruption and also expands the study of the factors influencing the pricing of new stock issues.

关 键 词：地区腐败 股权融资成本 IPOS A股市场 

分 类 号：F832.51[经济管理—金融学] D630.9[政治法律—政治学]