控股股东股权质押、公司治理与企业资本成本

Controlling Shareholder’s Equity Pledge,Corporate Governance and the Cost of Capital

本文以2010-2018年A股上市公司为样本,研究了控股股东股权质押对企业股权资本成本和债务资本成本的影响,以及公司治理机制缓解控股股东股权质押资本成本效应的作用。研究发现,控股股东股权质押显著提高公司股权资本成本和债务资本成本;并且随着质押比例的增加,股权资本成本的提高大于债务资本成本;提升股权制衡度能够有效缓解大股东质押行为导致的资本成本提升;提高公司信息披露质量能够降低控股股东股权质押的资本成本效应。

Based on the data of China′s A-share listed companies from 2010 to 2018,this paper studies the impact of the controlling shareholders’equity pledge on the cost of equity capital and the cost of debt capital;the role of corporate governance mechanism in alleviating the cost of capital effect of controlling shareholders’equity pledge.It is found that the controlling shareholder’s equity pledge significantly increases the cost of equity capital and the cost of debt capital;With the increase of pledge ratio,the increase of the cost of equity capital is greater than the cost of debt capital;Improving the equity balance can effectively alleviate the increase of the cost of capital caused by the pledge of controlling shareholders;Increasing the quality of corporate information disclosure can reduce the effect of the cost of capital.