南方经济
南方經濟
남방경제
South China journal of Economy
2011年
12期
3~15
,共null页
终极人性质 治理环境 两权分离 股权融资成本
終極人性質 治理環境 兩權分離 股權融資成本
종겁인성질 치리배경 량권분리 고권융자성본
the Nature of the Firms＇ Ultimate Controller; Governance Environment; Separation of TwoRights; Cost of Equity Capital
本文以2004—2006年非金融行业上市公司为样本，检验终极控制人现金流权、两权分离、治理环境和终极人性质对股权融资成本的影响，终极控制人的两权分离程度与股权融资成本之间的关系是否受治理环境的影响，以及上述治理环境与股权融资成本的直接和间接关系是否与终极控制人性质有关。研究发现，（1）两权分离与股权融资成本显著正相关，而现金流权与股权融资成本显著负相关。（2）治理环境本身与股权融资成本负相关，且治理环境的显著改善能弱化两权分离对股权融资成本的负面影响。（3）相对于非国有上市公司，国有公司的股权融资成本较低，且上市公司的国有性质在一定程度上能强化治理环境对股权融资成本的正面作用。
本文以2004—2006年非金融行業上市公司為樣本，檢驗終極控製人現金流權、兩權分離、治理環境和終極人性質對股權融資成本的影響，終極控製人的兩權分離程度與股權融資成本之間的關繫是否受治理環境的影響，以及上述治理環境與股權融資成本的直接和間接關繫是否與終極控製人性質有關。研究髮現，（1）兩權分離與股權融資成本顯著正相關，而現金流權與股權融資成本顯著負相關。（2）治理環境本身與股權融資成本負相關，且治理環境的顯著改善能弱化兩權分離對股權融資成本的負麵影響。（3）相對于非國有上市公司，國有公司的股權融資成本較低，且上市公司的國有性質在一定程度上能彊化治理環境對股權融資成本的正麵作用。
본문이2004—2006년비금융행업상시공사위양본，검험종겁공제인현금류권、량권분리、치리배경화종겁인성질대고권융자성본적영향，종겁공제인적량권분리정도여고권융자성본지간적관계시부수치리배경적영향，이급상술치리배경여고권융자성본적직접화간접관계시부여종겁공제인성질유관。연구발현，（1）량권분리여고권융자성본현저정상관，이현금류권여고권융자성본현저부상관。（2）치리배경본신여고권융자성본부상관，차치리배경적현저개선능약화량권분리대고권융자성본적부면영향。（3）상대우비국유상시공사，국유공사적고권융자성본교저，차상시공사적국유성질재일정정도상능강화치리배경대고권융자성본적정면작용。
Based on the data from 2004 to 2006 of Chinese non-financial listed companies, this paper investigates the effect of ultimate controller＇ cash-flow fight, the separation of cash-flow fight and control power, governance environment and the nature of the fu＇ms＇ ultimate controller on the cost of equity capital, and further examines whether the relationship between the separation of the two fights and the cost of equity capital is affected by governance environment, and then investigates whether the above direct and indirect effect of governance environment on the cost of equity capital is related with the nature of the finns＇ ultimate controller. The study finds that： （ 1 ） Ultimate controller＇ the separation of cash-flow fight and control power is positively correlated with the cost of equity capital, and cash-flow fight is negatively correlated with the cost of equity capital. （2）Governance environment index is negatively correlated with the cost of equity capital, and the remarkable improvement of corporate governance environment can mitigate the agency conflicts between ultimate controller and small shareholders, and weaken the positive relationship between the separation of the two fights and the cost of equity capital. （ 3 ） Compared with non-state-owned companies, the cost of equity capital is lower in state-owned companies, the nature of state-owned companies can strengthen the positive effect of governance environment on the cost of equity capital.
