作　　者： ; ;

机构地区： 北京大学光华管理学院

出　　处： 《数量经济技术经济研究》 2009年第2期60-75,共16页

摘　　要： 本文以我国深圳与上海证券市场连续四年具有配股资格的A股上市公司为对象,研究中国上市公司的治理机制是否会对其股权融资成本产生影响。研究发现,董事会治理机制确实能够降低股权融资成本,股权结构机制、管理层薪酬机制和企业控制权竞争机制对股权融资成本的影响不能确定,而中国特色的控股机制会提高股权融资成本。研究还发现尽管单一治理机制对股权融资成本的影响不太确定,但公司综合治理机制却能促进股权融资成本的降低,这说明公司治理诸机制之间的互补效应和替代效应,促进了公司整体治理效应的提高。 This paper studies the influence of corporate governance on the cost of equity capital using Chinese listed companies in Shenzhen and Shanghai stock market as research sample. Our analysis shows there is negative relationship between the governance mechanism of the board and the cost of equity. We also find positive relationship between the governance mechanism of Chinese ownership and the cost of equity. But the relationship between other governance mechanisms and the cost of equity can not be confirmed. The results indicate that the influence of single governance mechanism on the cost of equity can not be confirmed, but the firms with better integrative governance mechanism have lower cost of equity. The reason maybe there are interaction among single governance mechanisms.

关 键 词： 公司治理 股权融资成本 单一治理机制 综合治理机制

领　　域： [经济管理] [经济管理]