终极所有权结构、制度环境和权益资本成本

发布时间：2018-01-05 22:09

本文关键词：终极所有权结构、制度环境和权益资本成本　出处：《西南交通大学》2015年博士论文　论文类型：学位论文

【摘要】：权益资本成本一直是财务学界关注的焦点议题。从终极所有权结构和制度视角研究权益资本成本是当前财务研究的前沿课题。文章在探索适合我国上市公司权益资本成本度量模型的基础上,结合我国制度环境存在显著区域性差异的现实背景,着眼于终极控制股东和外部投资者的委托代理问题,理论推演了终极所有权结构、制度环境和权益资本成本三者之间的关系。具体来说,文章理论推演了终极所有权结构对权益资本成本的影响、制度环境对权益资本成本的影响,以及制度环境和两权分离度对权益资本成本的交互影响。在理论推演的基础上,以2004-2013年沪深两市上市的A股公司为研究样本,采用单变量T检验、秩和检验和多元回归等多种计量方法对文章提出的研究假设进行实证检验和稳健性检验。研究发现,终极所有权结构是影响公司权益资本成本的重要因素,制度环境质量的改善会降低公司权益资本成本,同时制度环境质量的改善也会削弱两权分离度与公司权益资本成本之间的正相关关系。具体而言,本文的研究结论总结如下：首先,在权益资本成本度量模型的适用性评价方面,文章结合中国上市公司数据特征,理论分析了不同权益资本成本度量模型在中国的适用性,并采用相关性分析和多元回归分析,实证检验了权益资本成本与己实现报酬率之间是否存在显著的相关关系,以及权益资本成本与风险因子之间是否存在显著的相关关系。通过检验发现,众多权益资本成本度量模型中更适合于中国上市公司的模型是MPEG模型(COE_MPEG)、 PEG模型(COE_PEG)和OJ模型(COE OJ),但三者之间没有绝对的排序。其次,在终极所有权结构对权益资本成本的影响方面,研究发现：(1)终极所有权与权益资本成本存在显著的负相关关系,并且这一关系在非国有公司中更为显著；(2)终极所有权和控制权的两权分离度与权益资本成本正相关,这一关系在非国有公司中更为显著;(3)相比民营企业和地方企业,中央企业有着显著更低的权益资本成本；(4)地方企业和民营企业之间的权益资本成本并没有系统性差异；(5)院所背景改制企业和民营企业之间的权益资本成本也没有系统性差异；(6)外资企业相比民营企业有着显著更低的权益资本成本；(7)对比五类企业,中央企业和外资企业的权益资本成本显著更低,而地方企业、院所背景改制企业和民营企业的权益资本成本显著更高。再次,在制度环境对权益资本成本的影响方面,研究发现：(1)影响权益资本成本的制度因素不仅有法律保护,还包括政府行政管理、金融发展、产品市场发育、媒体报道和社会诚信；(2)制度环境质量改善能够降低公司的权益资本成本,制度环境质量的改善包括法律保护、政府行政管理、金融发展、产品市场发育、媒体报道和社会诚信等制度因素发展水平的提高。最后,在制度环境和两权分离度对权益资本成本的交互影响方面,文章研究表明：制度环境质量改善会显著削弱终极所有权和控制权的两权分离度与权益资本成本之间的正相关关系,即当法律保护、政府行政管理、金融发展、产品市场发育、媒体报道和社会诚信等制度因素发展水平提高后,会增加终极控制股东的掠夺风险和掠夺成本,从而抑制其掠夺行为,进而削弱两权分离度与权益资本成本之间的正相关关系。
[Abstract]:The cost of equity capital has been the focus of attention of the finance issues. From the ultimate ownership structure and the system of equity capital cost is a frontier subject in the perspective of financial research. Based on the research on basic measurement model for Chinese Listed Companies' cost of equity capital on the background combined with the institutional environment of our country has significant regional differences, entrust the agency problem focuses on the ultimate controlling shareholder and external investors, the theoretical deduction of the ultimate ownership structure, the relationship between the institutional environment and the cost of equity capital in three. Specifically, the theoretical deduce effect of ultimate ownership structure on the cost of equity capital, the impact of institutional environment on the cost of equity capital, and separation of institutional environment and two the right to influence the degree of interactivity on the cost of equity capital. Based on theoretical deduction, 2004-2013 Shanghai and Shenzhen two A shares listed company The research sample, using the single variable T test, rank sum test hypotheses and multiple regression and other quantitative methods for the empirical test and robustness test. The study found that the ultimate ownership structure is an important factor affecting the cost of equity capital system, the improvement of environmental quality will reduce the cost of equity capital, while positive correlation the system of environmental quality improvement will also weaken the degree of separation between the two rights and the cost of equity capital. Specifically, the conclusions of this study are summarized as follows: firstly, the applicability evaluation of the cost of equity capital measure model, combining with the characteristics of Chinese data of listed companies, analyzed the applicability of different equity capital cost measurement model in Chinese, using correlation analysis and multiple regression analysis, empirical test of the cost of equity capital and realized returns whether There is a significant correlation between, and between the cost of equity capital and risk factors are significantly correlated. By testing, many equity capital cost measurement model is more suitable for Chinese model of listed company is MPEG model (COE_MPEG), PEG model (COE_PEG) and OJ model (COE OJ), but there is no absolute ranking between the three. Secondly, the research found that in the ultimate ownership structure, impact on the cost of equity capital: (1) there is a significant negative correlation between ultimate ownership and the cost of equity capital, and this relationship in state-owned companies is more significant; (2) of two rights of ultimate separation degree of ownership and control rights and the cost of equity capital is positively related to this relationship in state-owned companies is more significant; (3) compared to private enterprises and local enterprises, the central enterprises have significantly lower the cost of equity capital; (4) local businesses and people And there is no difference between the business enterprise system the cost of equity capital; (5) there is no difference between institute background restructuring of enterprises and private enterprises the cost of equity capital; (6) foreign enterprises compared to private enterprises have significantly lower the cost of equity capital; (7) comparison of five types of enterprises, the central enterprises and foreign investment the cost of equity is significantly lower, and the local enterprises, institutes background restructuring of enterprises and private enterprises the cost of equity capital is significantly higher. Thirdly, in the study found, the impact of institutional environment on the cost of equity capital: (1) institutional factors affect the cost of equity capital is not only the protection of the law, including government administrative management financial development, market development, products, media and social credit system; (2) improve the quality of the environment can reduce the company's cost of equity capital, the system of environmental quality improvement including legal protection, Government administration, financial development, market development, media and social credit system factors to raise the level of the development. Finally, the separation degree of interaction effect on the cost of equity capital in the institutional environment and the two rights, this article shows that positive correlation between institutional environment quality improvement will significantly weaken the two rights of ultimate ownership and control rights the separation between the degree and the cost of equity capital, namely when legal protection, government administration, financial development, market development, media and social credit institutional factors such as development level increase, the cost will increase risk and plunder plunder of the ultimate controlling shareholders, thereby inhibiting the predatory behavior, so as to weaken the positive correlation between the two rights and the degree of separation between the cost of equity capital.

【学位授予单位】：西南交通大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：F275;F832.51

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