多元化与资本成本的关系——来自中国股票市场的证据

根据期权定价模型,多元化降低了公司风险,但其受益者是债权人,而不是股东,这使得公司部分财富从股东手中转移到债权人手中,由此降低了股东财富,因此,多元化可能并不为股东所欢迎,从而多元化公司的权益资本成本可能高于专业化公司。同时,由于内部资本市场在公司内部的资源再配置作用,使得公司降低了对融资成本较高的外部资本市场的依赖,因此,多元化经营公司的总资本成本可能低于专业化经营公司。本文以2001—2004年我国上市公司为例,对多元化与公司权益资本成本和总资本成本之间的关系进行了实证检验。研究结果表明,多元化与权益资本成本正相关,而与总资本成本负相关。

The Relation Between Diversification and Cost of Capital: Evidence from Chinese Stock Market

According to the theory of Options Pricing Model,the beneficiary of firm's reduced risk caused by diversification is creditor,rather than shareholder,and this makes shareholders' wealth decreased,so diversification might not be aeeeptod by shareholder,and the cost of equity of diversified firms might be higher than specified firms.Meanwhile,the internal capital market could realloeate resources among different opera- tion units in a firm,and then reduce the degree of firm's dependent on outside capital market where the cost of capital is comparatively high, accordingly,the WACC of diversified firms might be lower than specified firms.This paper trys to test the relation between diversification and cost of equity as well as WACC,based on Chinese listed firms from 2001 to 2004.The result shows that there is a positive correlation between diversification and cost of equity,but a negative relation between diversification and WACC.