治理环境、终极控制人两权分离与股权融资成本

本文以2004—2006年非金融行业上市公司为样本，检验终极控制人现金流权、两权分离、治理环境和终极人性质对股权融资成本的影响，终极控制人的两权分离程度与股权融资成本之间的关系是否受治理环境的影响，以及上述治理环境与股权融资成本的直接和间接关系是否与终极控制人性质有关。研究发现，（1）两权分离与股权融资成本显著正相关，而现金流权与股权融资成本显著负相关。（2）治理环境本身与股权融资成本负相关，且治理环境的显著改善能弱化两权分离对股权融资成本的负面影响。（3）相对于非国有上市公司，国有公司的股权融资成本较低，且上市公司的国有性质在一定程度上能强化治理环境对股权融资成本的正面作用。

Governance Environment,Ultimate Controller' the Separation of Two Rights and the Cost of Equity Capital

Based on the data from 2004 to 2006 of Chinese non-financial listed companies,this paper investigates the effect of ultimate controller' cash-flow right,the separation of cash-flow right and control power,governance environment and the nature of the firms' ultimate controller on the cost of equity capital,and further examines whether the relationship between the separation of the two rights and the cost of equity capital is affected by governance environment,and then investigates whether the above direct an...