证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2012年
8期
19~27
,共null页
制度环境 权益资本成本 公司财务
製度環境 權益資本成本 公司財務
제도배경 권익자본성본 공사재무
Institutional environment, cost of equity capital, company financial affairs
本文以中国237家非金融上市公司2004-2007年组成的平衡面板数据(共948个观察值)为研究样本,在控制相关变量的基础上,应用一系列GLS从政府关系、法律制度环境、金融市场发育程度和产品市场发育程度四个维度实证检验制度环境如何影响公司权益资本成本。实证结果表明,制度环境是影响权益资本成本的重要因素。具体而言:(1)政府关系与权益资本成本显著负相关;(2)法律制度环境与权益资本成本显著负相关;(3)金融市场发育程度与权益资本成本显著负相关;(4)产品市场发育程度与权益资本成本显著负相关。
本文以中國237傢非金融上市公司2004-2007年組成的平衡麵闆數據(共948箇觀察值)為研究樣本,在控製相關變量的基礎上,應用一繫列GLS從政府關繫、法律製度環境、金融市場髮育程度和產品市場髮育程度四箇維度實證檢驗製度環境如何影響公司權益資本成本。實證結果錶明,製度環境是影響權益資本成本的重要因素。具體而言:(1)政府關繫與權益資本成本顯著負相關;(2)法律製度環境與權益資本成本顯著負相關;(3)金融市場髮育程度與權益資本成本顯著負相關;(4)產品市場髮育程度與權益資本成本顯著負相關。
본문이중국237가비금융상시공사2004-2007년조성적평형면판수거(공948개관찰치)위연구양본,재공제상관변량적기출상,응용일계렬GLS종정부관계、법률제도배경、금융시장발육정도화산품시장발육정도사개유도실증검험제도배경여하영향공사권익자본성본。실증결과표명,제도배경시영향권익자본성본적중요인소。구체이언:(1)정부관계여권익자본성본현저부상관;(2)법률제도배경여권익자본성본현저부상관;(3)금융시장발육정도여권익자본성본현저부상관;(4)산품시장발육정도여권익자본성본현저부상관。
Controlling related variables, this paper adopts a sample of balanced panel data (948 observations in total) composed of 237 Chinese non-financial listed companies dated from 2004 to 2007, and applies a series of GLS to empirically examine how institutional environment affects a firm's capital cost in four dimensions including political connection, legal institutional environment, degree of financial market development and degree of product market development. The result shows that institutional environment is a key factor which affects the cost of equity capital. To be specific: (1) political connection is remarkably negatively related to capital cost; (2) legal institutional environment is notably negatively related to capital cost; (3) the degree of financial market development is significantly negatively related with the cost of equity capital; (4) the degree of product market development is notably negatively related with the cost of equity capital.