CAJ | 학술논문

建立政治关联是很多公司试图降低股权资本成本的重要途径。作为公司理财的外部环境，不同的金融生态环境影响着政治关联的股权资本成本效应。文章应用2005-2012年中国上市公司数据进行实证研究，结果表明：总体而论，我国企业通过建立政治关联可以降低股权资本成本；金融生态环境好的地区，政治关联对股权资本成本的降低效应弱于金融生态环境差的地区；金融生态环境综合指数高于0.739的地区，建立政治关联会提高股权资本成本；金融生态环境越差的地区，政治关联对股权资本成本的降低效应越强。
건립정치관련시흔다공사시도강저고권자본성본적중요도경。작위공사리재적외부배경，불동적금융생태배경영향착정치관련적고권자본성본효응。문장응용2005-2012년중국상시공사수거진행실증연구，결과표명：총체이론，아국기업통과건립정치관련가이강저고권자본성본；금융생태배경호적지구，정치관련대고권자본성본적강저효응약우금융생태배경차적지구；금융생태배경종합지수고우0.739적지구，건립정치관련회제고고권자본성본；금융생태배경월차적지구，정치관련대고권자본성본적강저효응월강。
The establishment of political connections is an important way for many corporations trying to reduce the cost of eq-uity capital. As an external environment of corporate finance,different financial ecological environments affect the effect of po-litical connections on the cost of equity capital. This paper conducts an empirical study based on the data of China’s listed cor-porations from the year of 2005 to 2012. The results show that:Generally speaking,China’s corporations can reduce the cost of equity capital through building political connections;The reduction effect of political connections on the cost of equity capi-tal is weaker for the areas in the good financial ecological environment than that in the poor financial ecological environment;The political connections in the areas, of which the financial ecological environment comprehensive index is over 0.739, will increase the cost of equity capital;The worse the financial ecological environment,the stronger the reduction effect of political connections on the cost of equity capital.