投资者保护与权益资本成本的关系探讨

本文以沪深两市2003年576家上市公司为研究样本，以权益资本成本为因变量，以本文所构建的投资者保护指数为自变量，运用多元回归方法对两者关系进行检验分析。研究发现：投资者保护与权益资本成本呈显著负相关关系，即使在考虑了公司规模、Beta系数、行业影响等因素后，两者之间的负相关关系仍然显著，这就证明我国上市公司虽然整体投资者保护水平不高，但公司之间的保护程度仍有重大差异；我国证券市场上的投资者已经能够在一定程度上区别对待投资者保护水平不同的上市公司。

Investor Protection vs Equity Capital Cost

Tiffs paper selects 576 companies listed on Shanghai and Shenzhen stock exchanges as research sample to test the relationship between equity capital cost measured by discounted residual income model and investor protection index designed by the author. The research finds a negative and highly significant association between the variables. The result holds even after taking factors such as firm size, market beta and industry into account. These evidences suggest that there is significance difference among the companies against an overall low level of investor protection. The result also suggests that inventors are able to treat differently companies with difference level of investor protection.