發(fā)布時(shí)間：2018-01-05 22:09

  本文關(guān)鍵詞：終極所有權(quán)結(jié)構(gòu)、制度環(huán)境和權(quán)益資本成本　出處：《西南交通大學(xué)》2015年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 終極所有權(quán)結(jié)構(gòu) 制度環(huán)境 權(quán)益資本成本 公司治理

【摘要】：權(quán)益資本成本一直是財(cái)務(wù)學(xué)界關(guān)注的焦點(diǎn)議題。從終極所有權(quán)結(jié)構(gòu)和制度視角研究權(quán)益資本成本是當(dāng)前財(cái)務(wù)研究的前沿課題。文章在探索適合我國上市公司權(quán)益資本成本度量模型的基礎(chǔ)上,結(jié)合我國制度環(huán)境存在顯著區(qū)域性差異的現(xiàn)實(shí)背景,著眼于終極控制股東和外部投資者的委托代理問題,理論推演了終極所有權(quán)結(jié)構(gòu)、制度環(huán)境和權(quán)益資本成本三者之間的關(guān)系。具體來說,文章理論推演了終極所有權(quán)結(jié)構(gòu)對權(quán)益資本成本的影響、制度環(huán)境對權(quán)益資本成本的影響,以及制度環(huán)境和兩權(quán)分離度對權(quán)益資本成本的交互影響。在理論推演的基礎(chǔ)上,以2004-2013年滬深兩市上市的A股公司為研究樣本,采用單變量T檢驗(yàn)、秩和檢驗(yàn)和多元回歸等多種計(jì)量方法對文章提出的研究假設(shè)進(jìn)行實(shí)證檢驗(yàn)和穩(wěn)健性檢驗(yàn)。研究發(fā)現(xiàn),終極所有權(quán)結(jié)構(gòu)是影響公司權(quán)益資本成本的重要因素,制度環(huán)境質(zhì)量的改善會(huì)降低公司權(quán)益資本成本,同時(shí)制度環(huán)境質(zhì)量的改善也會(huì)削弱兩權(quán)分離度與公司權(quán)益資本成本之間的正相關(guān)關(guān)系。具體而言,本文的研究結(jié)論總結(jié)如下：首先,在權(quán)益資本成本度量模型的適用性評價(jià)方面,文章結(jié)合中國上市公司數(shù)據(jù)特征,理論分析了不同權(quán)益資本成本度量模型在中國的適用性,并采用相關(guān)性分析和多元回歸分析,實(shí)證檢驗(yàn)了權(quán)益資本成本與己實(shí)現(xiàn)報(bào)酬率之間是否存在顯著的相關(guān)關(guān)系,以及權(quán)益資本成本與風(fēng)險(xiǎn)因子之間是否存在顯著的相關(guān)關(guān)系。通過檢驗(yàn)發(fā)現(xiàn),眾多權(quán)益資本成本度量模型中更適合于中國上市公司的模型是MPEG模型(COE_MPEG)、 PEG模型(COE_PEG)和OJ模型(COE OJ),但三者之間沒有絕對的排序。其次,在終極所有權(quán)結(jié)構(gòu)對權(quán)益資本成本的影響方面,研究發(fā)現(xiàn)：(1)終極所有權(quán)與權(quán)益資本成本存在顯著的負(fù)相關(guān)關(guān)系,并且這一關(guān)系在非國有公司中更為顯著；(2)終極所有權(quán)和控制權(quán)的兩權(quán)分離度與權(quán)益資本成本正相關(guān),這一關(guān)系在非國有公司中更為顯著;(3)相比民營企業(yè)和地方企業(yè),中央企業(yè)有著顯著更低的權(quán)益資本成本；(4)地方企業(yè)和民營企業(yè)之間的權(quán)益資本成本并沒有系統(tǒng)性差異；(5)院所背景改制企業(yè)和民營企業(yè)之間的權(quán)益資本成本也沒有系統(tǒng)性差異；(6)外資企業(yè)相比民營企業(yè)有著顯著更低的權(quán)益資本成本；(7)對比五類企業(yè),中央企業(yè)和外資企業(yè)的權(quán)益資本成本顯著更低,而地方企業(yè)、院所背景改制企業(yè)和民營企業(yè)的權(quán)益資本成本顯著更高。再次,在制度環(huán)境對權(quán)益資本成本的影響方面,研究發(fā)現(xiàn)：(1)影響權(quán)益資本成本的制度因素不僅有法律保護(hù),還包括政府行政管理、金融發(fā)展、產(chǎn)品市場發(fā)育、媒體報(bào)道和社會(huì)誠信；(2)制度環(huán)境質(zhì)量改善能夠降低公司的權(quán)益資本成本,制度環(huán)境質(zhì)量的改善包括法律保護(hù)、政府行政管理、金融發(fā)展、產(chǎn)品市場發(fā)育、媒體報(bào)道和社會(huì)誠信等制度因素發(fā)展水平的提高。最后,在制度環(huán)境和兩權(quán)分離度對權(quán)益資本成本的交互影響方面,文章研究表明：制度環(huán)境質(zhì)量改善會(huì)顯著削弱終極所有權(quán)和控制權(quán)的兩權(quán)分離度與權(quán)益資本成本之間的正相關(guān)關(guān)系,即當(dāng)法律保護(hù)、政府行政管理、金融發(fā)展、產(chǎn)品市場發(fā)育、媒體報(bào)道和社會(huì)誠信等制度因素發(fā)展水平提高后,會(huì)增加終極控制股東的掠奪風(fēng)險(xiǎn)和掠奪成本,從而抑制其掠奪行為,進(jìn)而削弱兩權(quán)分離度與權(quán)益資本成本之間的正相關(guān)關(guān)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.

【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2015
【分類號】：F275;F832.51

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