股权结构、产权性质与债券融资成本*——基于中国上市公司的实证研究

本文基于最近十年503家上市公司发行的984只债券数据，实证检验了股权结构、产权性质对债券融资成本的影响。研究表明：股权集中度与债券融资成本正相关，制衡度与债券融资成本负相关。进一步检验发现，股权结构对债券融资成本的影响在民营企业中比在国有企业中更显著，产权性质发挥了调节作用。本文一定程度上丰富了公司债券定价理论，为发行人降低债券融资成本、投资人评估债券投资风险提供了有益启示，并为监管部门完善债券市场监管政策提供了经验证据。  

EQUITY STRUCTURE,OWNERSHIP AND BOND FINANCING COST——Empirical Research Based on Chinese Listed Companies

Using data of 984 corporate bonds issued by 503 listed companies over the recent decade, this paper empirically explores the influence of equity structure and ownership on bond financing cost. We find that the bond financing cost is positively correlated with equity concentration, while negatively correlated with equity restriction. Further examination finds that the impact of equity structure on bond financing cost is more significant in private companies than in state owned companies, indicating a moderating role of ownership. This paper enriches the theory of corporate bond pricing, provides beneficial enlightenment for bond issuers to reduce bond financing cost, for bond investors to evaluate bond investment risks, and for government departments to improve bond market supervision.