董事会独立性与提高权益融资效率初探——中国资本市场的实际验证

Exploration on the Board Independence and Improvement of the Equity Financing Efficiency——Empirical Evidence of Chinese Capital Market

本文以我国深圳与上海证券市场连续四年具有配股资格的A股上市公司为对象,采用剩余收益模型计算权益融资成本,采用独立董事比例、两职合一虚拟变量和董事会超额控制系数作为衡量董事会独立性的指标,在控制了β系数、公司规模、账面市值比、杠杆率、资产周转率和资产收益率等因素后,研究发现提高董事会独立性对降低上市公司权益融资成本会产生积极影响。因此本文研究认为董事会独立性有利于提高上市公司的权益融资效率。

In our paper, we make a study on the influence of the independence of the board upon the cost of equity capital with Chinese listed companies in Shenzhen and Shanghai stock markets being the research samples. We choose residual income model to measure the cost of equity capital, and construct some index to represent the independence of the board. Our analysis finds that for the sample listed companies, there is a negative relationship between the independence of the board and the cost of equity capital controlling β, company scale, B/M, leverage and asset turnover. Therefore, we draw a conclusion that the independence of the board will be beneficial to improve the listed company＇s equity financing efficiency.