媒体关注、公司治理与权益资本成本关系研究

发布时间：2018-03-05 05:24

本文选题：媒体关注　切入点：公司治理　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：资本成本作为企业投融资决策的重要参考指标一直受到国内外学者的关注,资本成本是企业在融资过程中所要付出的代价,同时是投资过程中要求的最低投资报酬率。站在企业融资的角度,资本成本的高低直接反映了企业的融资效率,进而影响项目价值与企业价值,因而对资本成本进行研究具有重要意义。一般而言,资本成本包括权益资本成本和债务资本成本,相较于债务资本成本,权益资本成本在国内外学者的研究中占有绝对地位。国内外学者对权益资本成本的研究重点包括权益资本成本的度量与权益资本成本的影响因素两个方面,权益资本成本的影响因素研究最初集中于企业特质信息对资本成本的影响,随着研究的深入,研究重点转化为公司治理对资本成本的影响,重点是内部治理因素对权益资本成本的影响,仅有部分学者对外部治理因素对权益资本成本的影响进行研究,但是并不全面,主要是法律制度、市场化水平、政府干预对权益资本成本的影响研究,媒体关注对权益资本成本的影响研究很少,对其影响机制的研究就更少,公司治理与媒体关注对权益资本成本的影响机制中的交互效应,这一问题需要进一步研究。基于以上这些问题,本文结合中国制度背景,理论推演公司治理和媒体关注对公司权益资本成本的影响,以及公司治理与媒体关注对权益资本成本的影响机制中的交互作用。在控制公司特征等相关变量下,采用在沪、深上市的825家制造业上市公司2011-2012年度的平衡面板数据为样本,利用OLS估计经验检验公司治理和媒体关注如何影响上市公司的权益资本成本以及公司治理与媒体关注对权益资本成本的影响机制中的交互作用。研究结果表明,公司治理与媒体关注确实会影响上市公司的权益资本成本,并且公司治理与媒体关注对权益资本成本的影响表现出显著的交互效应。
[Abstract]:As an important reference index of investment and financing decision, capital cost has always been concerned by scholars at home and abroad. Capital cost is the price that enterprises pay in the process of financing. At the same time, it is the lowest rate of return on investment in the process of investment. From the angle of enterprise financing, the level of capital cost directly reflects the financing efficiency of the enterprise, and then affects the project value and the enterprise value. Generally speaking, capital cost includes equity capital cost and debt capital cost, compared with debt capital cost. The cost of equity capital occupies an absolute position in the research of scholars at home and abroad. The research emphasis of scholars at home and abroad includes the measurement of cost of equity capital and the influencing factors of cost of equity capital. The research on the influencing factors of equity capital cost initially focuses on the influence of enterprise trait information on capital cost. With the deepening of the research, the focus of the study is the impact of corporate governance on capital cost. The emphasis is on the impact of internal governance factors on the cost of equity capital. Only some scholars have studied the impact of external governance factors on the cost of equity capital, but it is not comprehensive. It is mainly about the legal system and the level of marketization. The influence of government intervention on the cost of equity capital is studied. The influence of media attention on the cost of equity capital is seldom studied, and the research on the mechanism of its influence is even less. The interaction effect between corporate governance and media concern on the cost of equity capital is also discussed. This problem needs further study. Based on these problems, this paper, in combination with the Chinese institutional background, theoretically deduces the influence of corporate governance and media attention on the cost of corporate equity capital. And the interaction between corporate governance and media concerns on the impact mechanism of equity capital costs. Under the control of company characteristics and other related variables, the equilibrium panel data of 825 listed manufacturing companies listed in Shanghai and Shenzhen in 2011-2012 were used as a sample. Using OLS estimation experience to test how corporate governance and media concern affect the cost of equity capital of listed companies and the interaction between corporate governance and media concern on the cost of equity capital. Corporate governance and media concern do affect the cost of equity capital of listed companies, and the impact of corporate governance and media attention on the cost of equity capital shows a significant interactive effect.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F425;F406.7

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