摘要
本文从我国证券市场的特点和上市公司治理结构的特点出发,分析了在股权分置下和存在控股股东对中小股东的利益侵占时股权融资活动对控股股东股权价值的影响,然后对融资成本的定义进行拓展,计量出我国上市公司控股股东的股权融资成本和债务融资成本,指出控股股东的股权融资成本远远低于其债务融资成本是我国上市公司存在强烈股权融资偏好的重要原因。
This paper conducts an in-depth reviews that seasoned equity offering(SEO)can increase private benefits of control of controlling shareholder under the system of split share structure in Chinese stock market and under the existence of exploration of other shareholders by controlling shareholders,expands the definition of financing cost,calculates the cost of equity and debt in order to analyze the cause of equi- ty financing preference of listed company from the perspective of the characteristics of Chinese stock market and corporate governance.
出处
《会计研究》
CSSCI
北大核心
2006年第5期50-57,共8页
Accounting Research
基金
西南财经大学科研基金"基于大股东控制的上市公司融资行为研究"(05Z93)的阶段性成果。
