连锁股东对权益资本成本的影响研究  

Study on the Influence of Chain Shareholders on the Cost of Equity Capital

作　　者：倪国爱 朱芙蓉 NI Guo-ai;ZHU Fu-rong(School of Accountancy,Tongling University,Tongling Anhui 244061,China;School of Accountancy,Anhui University of Finance and Economics,Bengbu Anhui 233030,China)

机构地区：[1]铜陵学院会计学院,安徽铜陵244061 [2]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《铜陵学院学报》2024年第5期9-14,共6页Journal of Tongling University

基　　金：铜陵学院与安徽财经大学联合培养研究生科研创新基金项目“连锁股东对权益资本成本的影响研究”(23tlcx03);安徽财经大学研究生科研创新基金项目“关键审计事项对管理层短视行为的影响研究”(ACYC2022137)。

摘　　要：文章以2007—2022年中国A股上市公司为研究样本,实证研究了连锁股东对权益资本成本的影响及其作用机制。研究表明,连锁股东能够降低权益资本成本,且其通过缓解企业信息不对称程度和发挥监督治理作用来降低权益资本成本。进一步分析表明,在审计质量较低、管理层权力较大的企业中,连锁股东对权益资本成本的降低效应更为显著。因此,企业应科学利用连锁股东具备的信息优势和资源优势,以降低融资成本、提高经营效率。Using Chinese A-share listed companies from 2013 to 2022 as research samples,this article empirically studies the impact of chain shareholders on the cost of equity capital and its channels of action.Research has shown that chain shareholders can reduce the cost of equity capital,and they can reduce the cost of equity capital by alleviating the degree of information asymmetry in enterprises and playing a supervisory and governance role.Further analysis shows that in enterprises with lower audit quality and greater management power,chain shareholders have a more significant effect on reducing the cost of equity capital.Enterprises should scientifically utilize the resources and information advantages possessed by chain shareholders to optimize financing costs and improve operational efficiency.

关 键 词：连锁股东 信息不对称 公司治理 权益资本成本 

分 类 号：F239.45[经济管理—会计学]