政治关联、金融生态环境与股权资本成本--基于2005-2012年的数据分析

建立政治关联是很多公司试图降低股权资本成本的重要途径。作为公司理财的外部环境，不同的金融生态环境影响着政治关联的股权资本成本效应。文章应用2005-2012年中国上市公司数据进行实证研究，结果表明：总体而论，我国企业通过建立政治关联可以降低股权资本成本；金融生态环境好的地区，政治关联对股权资本成本的降低效应弱于金融生态环境差的地区；金融生态环境综合指数高于0.739的地区，建立政治关联会提高股权资本成本；金融生态环境越差的地区，政治关联对股权资本成本的降低效应越强。

Political Connections,Financial Ecological Environment and Cost of Equity Capital-An Analysis Based on the Data from the Year of 2005 to 2012

The establishment of political connections is an important way for many corporations trying to reduce the cost of eq-uity capital. As an external environment of corporate finance,different financial ecological environments affect the effect of po-litical connections on the cost of equity capital. This paper conducts an empirical study based on the data of China’s listed cor-porations from the year of 2005 to 2012. The results show that：Generally speaking,China’s corporations can reduce the cost of equity capital through building political connections;The reduction effect of political connections on the cost of equity capi-tal is weaker for the areas in the good financial ecological environment than that in the poor financial ecological environment;The political connections in the areas, of which the financial ecological environment comprehensive index is over 0.739, will increase the cost of equity capital;The worse the financial ecological environment,the stronger the reduction effect of political connections on the cost of equity capital.