中小投资者法律保护与公司权益资本成本

Investor Protection and Corporation Cost of Equity

本文以1993年至2001年之间我国证券市场进行股权再融资的上市公司为样本,采用时间序列分析方法深入考察我国证券市场不同历史阶段里中小投资者法律保护与公司权益资本成本关系的变化。研究结果表明,在我国证券市场发展的历史实践中,随着中小投资者法律保护措施的加强,上市公司的权益资本成本出现一个逐步递减的过程现象;在控制公司特征和宏观经济变量的情况下,中小投资者法律保护程度与上市公司的权益资本成本呈显著的负相关关系。

This paper aims to examine the corporate cost of capital in various stages of investor protection in China by a sample of equity issues during the period of 1993—2001. The results of empirical investigation shows that corporate cost of equity exhibit a tendency of deceasing as the investor protection getting tighter. And there is a significant negative correlation between the investor protection and corporate cost of equity.