CAJ | 학술논문

依据公司终极控制人的差异将国有公司和非国有公司进一步划分为中央企业、地方企业、事业单位企业、民营企业和外资企业,采用2004~2013年的中国上市公司为样本,以民营企业作为参照基准,实证检验终极所有权性质对股权融资成本的影响,研究发现：（1）相比民营企业和地方企业,中央企业具有显著更低的股权融资成本;（2）地方企业和民营企业之间的股权融资成本没有系统性差异;（3）事业单位企业和民营企业的股权融资成本没有系统性差异;（4）外资企业相比民营企业具有显著更低的股权融资成本;（5）在五类企业中,中央企业和外资企业的股权融资成本显著更低,地方企业、事业单位企业和民营企业的股权融资成本显著更高。
의거공사종겁공제인적차이장국유공사화비국유공사진일보화분위중앙기업、지방기업、사업단위기업、민영기업화외자기업,채용2004~2013년적중국상시공사위양본,이민영기업작위삼조기준,실증검험종겁소유권성질대고권융자성본적영향,연구발현：（1）상비민영기업화지방기업,중앙기업구유현저경저적고권융자성본;（2）지방기업화민영기업지간적고권융자성본몰유계통성차이;（3）사업단위기업화민영기업적고권융자성본몰유계통성차이;（4）외자기업상비민영기업구유현저경저적고권융자성본;（5）재오류기업중,중앙기업화외자기업적고권융자성본현저경저,지방기업、사업단위기업화민영기업적고권융자성본현저경고。
According to the difference of ultimate controller of the company, State-owned enterprises and non-state-owned enterprises are further divided into central enterprises, local enterprises, institution enterprises, private enterprises and foreign- funded enterprises, and using a sample of chinese listed companies in 2004-2013 and compared to private enterprises as the reference datum, this paper empirically tests the influence of these companies on cost of equity capital, research result shows：（1） compared to private enterprises and local enterprises, central enterprises have a significantly lower cost of equity capital; （2） no systematic difference in the cost of equity capital of local enterprises and private enterprises; （3） no systematic difference in the cost of equity capital of institutions enterprises and private enterprises; （4） compared private enterprises, foreign-funded enterprises have a significantly lower cost of equity capital; funded enterprises have a significantly lower cost of equity significantly higher cost of equity capital. （5） In the five categories of enterprises, central enterprises and tbreign- capital, and local businesses, institutions and private enterprises have a