| 股权分置、控制权私人收益与控股股东融资成本 |
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| 引用本文： | 何丹,朱建军.股权分置、控制权私人收益与控股股东融资成本[J].会计研究,2006,52(5):50-57. |
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| 作者姓名： | 何丹 朱建军 |
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| 作者单位： | 1. 西南财经大学会计学院,610074
2. 中国人民银行成都分行,610041 |
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| 基金项目： | 西南财经大学校科研和教改项目 |
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| 摘 要： | 本文从我国证券市场的特点和上市公司治理结构的特点出发,分析了在股权分置下和存在控股股东对中小股东的利益侵占时股权融资活动对控股股东股权价值的影响,然后对融资成本的定义进行拓展,计量出我国上市公司控股股东的股权融资成本和债务融资成本,指出控股股东的股权融资成本远远低于其债务融资成本是我国上市公司存在强烈股权融资偏好的重要原因。
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| 关 键 词： | 控制权私人收益 控股股东 融资成本 |
Split Share Structure, Private Benefits of Control, and Financing Cost of Controlling Shareholder |
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| He Dan,Zhu Jianjun.Split Share Structure, Private Benefits of Control, and Financing Cost of Controlling Shareholder[J].Accounting Research,2006,52(5):50-57. |
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| Authors: | He Dan Zhu Jianjun |
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| Abstract: | This paper conducts an in-depth reviews that seasoned equity offering(SEO)can increase private benefits of control of controlling shareholder under the system of split share structure in Chinese stock market and under the existence of exploration of other shareholders by controlling shareholders,expands the definition of financing cost,calculates the cost of equity and debt in order to analyze the cause of equi- ty financing preference of listed company from the perspective of the characteristics of Chinese stock market and corporate governance. |
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