混合所有制、公司治理质量与股权资本成本——基于中国资本市场经验证据的分析

发布时间：2018-04-19 11:33

本文选题：股权资本成本 + 公司治理质量　；参考：《商业研究》2017年07期

【摘要】：我国企业改革的选项之一是进行混合所有制改造,由此不同性质资本之间的相互融合也致使不同性质股东之间的利益相互抗衡。基于股东财富实现(实现指数)视角,本文选用2006-2015年我国A股上市公司数据为样本,从年份层面分析中国上市公司治理环境现状,探究混合所有制下公司治理质量与股权资本成本的相关性。结论表明:中国公司治理整体质量进步明显,已有接近一半的公司实现了股东财富最大化目标,但公司治理的整体环境仍有较大发展空间;公司治理质量与股权资本成本呈反比关系,第一大股东性质影响两者的相关性,且非国有公司的公司治理质量对股权资本成本的影响更显著。这些结论说明混合所有制企业改革符合市场化的改革宗旨,能够发挥非国有股东作为控股股东的治理职能,通过股权结构的合理调整可实现中国上市公司股权资本成本的最低化。
[Abstract]:One of the options of enterprise reform in our country is to reform the mixed ownership system, and the mutual integration of different kinds of capital also results in the interests of shareholders of different nature competing with each other.Based on the perspective of shareholder wealth realization (realization index), this paper selects the data of A share listed companies in China from 2006 to 2015 as a sample to analyze the current situation of governance environment of listed companies in China from year to year.To explore the relationship between the quality of corporate governance and the cost of equity capital under mixed ownership.The results show that: the overall quality of corporate governance in China has improved significantly, nearly half of the companies have achieved the goal of maximizing shareholder wealth, but the overall environment of corporate governance still has great room for development;The quality of corporate governance is inversely proportional to the cost of equity capital, and the nature of the largest shareholder affects the correlation, and the quality of corporate governance of non-state-owned companies has a more significant impact on the cost of equity capital.These conclusions show that the reform of mixed ownership enterprises conforms to the purpose of market-oriented reform and can give full play to the governance function of non-state-owned shareholders as controlling shareholders.The lowest cost of equity capital of Chinese listed companies can be realized through reasonable adjustment of equity structure.
【作者单位】：首都经济贸易大学会计学院;
【基金】：国家社会科学基金一般项目,项目编号:15BGL066,15BJY013
【分类号】：F271;F275;F832.51

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