上市公司资本成本面板数据模型与实证分析

Panel Data Model for the Capital Cost of Listed Companies in China and Its Empirical Analysis

本文利用我国上市公司1997至2002年的有关财务数据,建立了我国上市公司资本成本面板数据模型,运用该模型分析了我国上市公司资本成本与财务杠杆、企业规模的关系。结果表明,财务杠杆的提升、企业规模的扩大将使资本成本下降。该结论对我国上市公司优化资本结构、提高企业价值具有一定的参考价值。

In this paper, we build panel data model for the capital cost of listed companies in China from 1997 to 2002 to analyze the relationship of capital cost and financial leverage, business scale. The study shows that the increase of financial leverage and the expansion of business scale will reduce capital cost, which provides certain reference for optimizing capital structure and increasing business value of listed companies in China.