权益资本成本的行业特征研究

以2004~2011年沪深A股上市公司为样本,研究权益资本成本的行业差异以及行业特征对权益资本成本的影响。研究发现:行业门类层面和制造业次类层面的权益资本成本差异显著,这种差异在时序上较为稳定。行业竞争程度越低,权益资本成本越小,体现了产品市场竞争的特质性风险效应,行业收益波动和行业成长性分别对权益资本成本产生显著的正向影响和负向影响。企业会计准则的改革强化了行业因素对权益资本成本的影响。

Industrial Features of Firms' Cost of Equity Capital

Using a total of 2552 firm-year balanced panel data of China''s A-share listed companies during the period of 2004 to 2011, this paper investigates the cost of equity capital'' s industrial differences and industrial features. The results show that there are significant differences in the costs of equity capital in different industries and in manufacturing sub-categories, and such differences are relatively stable over time; the degree of industrial competition and the fluctuation of industrial profits have significantly positive effect on the costs of equity capital, which reflects the effect of the idiosyncratic risk of product market competition; the fluctuation of the return of an industry and the industrial growth have significantly negative and positive effects respectively on the cost of equity capital; and the reform of accounting standards strengthens the industrial factor'' effect on the cost of equity capital.