连锁股东与企业权益资本成本——来自中国上市公司的经验证据

Cross Ownership and the Cost of Equity Capital:Empirical Evidence Based on Chinese Listed Companies

连锁股东已经成为资本市场上的重要现象,但学术界关于连锁股东公司治理职能的研究却较为缺乏。以2007—2022年A股上市公司为样本,实证考察连锁股东对企业权益融资行为的影响。研究发现,连锁股东能够显著降低企业权益资本成本,且连锁股东数量越多、持股比例越高对企业权益资本成本的影响越显著。该结论在经过一系列稳健性检验和内生性处理之后仍然稳健。通过考察其作用机制发现,连锁股东通过抑制代理问题、缓解融资约束和降低债务融资成本而降低了企业权益资本成本;异质性检验发现,连锁股东对非国有控股企业和大规模企业权益资本成本的降低作用更为显著。研究证实了连锁股东的协同治理效应,为缓解企业融资难、融资贵问题提供了经验证据,对加强资本市场建设提供了微观视角的参考借鉴。

Cross ownership has become an important phenomenon in the capital market,but the academic research on the corporate governance function of cross ownership has seriously lagged behind.Based on the A-share of listed companies from 2007 to 2022,this paper examines the impact of cross ownership on cost of equity capital.It is found that cross ownership can significantly reduce the cost of equity capital,and the more the number of cross ownership and the higher the shareholding ratio,the more significant the impact on the cost of equity capital;The above results are still robust after a series of robustness tests and endogenous treatment.By investigating its function channels,it is found that cross ownership reduce the cost of equity capital by restraining agency problems,alleviating financing constraints and reducing financing costs.Heterogeneity testing found that cross ownership has a more significant effect on reducing the cost of equity capital for non-stateowned enterprises and large-scale enterprises.This study confirms the collaborative governance effect of cross ownership,provides empirical evidence for solving the problem of difficult and expensive financing,and has reference significance for improving the construction of China's capital market.