两权分离、股权制衡与股权融资成本——来自我国上市公司的经验证据

On Two Rights Separation,Share Balance and Equity Financing Cost——Empirical Evidence from Listed Corporates of China

以2004和2005年上市公司为研究对象,运用GLS模型测算股权融资成本,研究发现两权分离程度越大,公司代理冲突越严重,代理成本越大,从而不利于上市公司股权融资成本的降低。股权制衡在降低代理冲突和减少大股东对中小股东利益侵害上发挥了积极作用,降低了上市公司的股权融资成本。

GLS model was applied to estimate the cost of equity capital of the listed companies based on the data of 2004 and 2005. The result showed that the greater degree of the Separation of two rights, the more serious the company agent conflict and the more the agent cost will be. So the Separation doesn＇t help reduce the equity financing cost. Share balance can help lighten the company agent conflict and the infringement upon the small shareholders from the large shareholders, hence reduce the equity financing cost.