治理环境、股权制衡与股权融资成本

以2004—2006年非金融上市公司为样本,结合中国转轨经济背景,基于终极控制人视角,实证检验中国上市公司的股权制衡结构是否有助于降低其股权融资成本,进而检验股权制衡与股权融资成本的关系是否受公司终极控制人、制衡股东性质及其外部治理环境的影响。研究发现:中国上市公司股权制衡与股权融资成本虽负相关但并不显著;在终极控制人、制衡股东分属不同性质的公司中,股权制衡与股权融资成本显著负相关,而在二者分属于同一性质的公司中,股权制衡与股权融资成本呈正相关或不显著的负相关关系;进一步检验发现,上市公司所处地区的治理环境越差,股权制衡与股权融资成本的负相关关系越显著,公司股权制衡与其治理环境在影响股权融资成本方面存在显著替代效应。

Governance Environment, Balance of Equity Power and Cost of Equity Capital

By using data from 2004 to 2006 of Chinese non-financial listed companies, with transition economy background of china and the perspective of ultimate controller, this paper empirically investigates whether power balance lowers the cost of equity capital, and whether the relationship between power balance and the cost of equity capital is affected by identity of the ultimate controller, outside stockholder and governance environment. The paper finds: (1) Power balance is negatively correlated with the cost of equity capital but not significantly. (2)The relationship between power balance and the cost of equity capital is affected by identity of ultimate controller and outside stockholder, When the identity of ultimate controller and outside stockholder is identical, the correlation between power balance and equity capital cost is significantly negative. When the identity of ultimate controller and outside stockholder is different, the correlation between power balance and equity capital cost is positive or significantly negative. (3) Listed companies in areas where governance environment is weaker, the negative relationship between power balance and t equity capital cost is more significant, indicating that there exists an alternative mechanism between power balance and governance environment on the cost of equity capital.