法律、投资者保护与权益资本成本

Law,Investor Protection and Cost of Equity Capital

权益资本成本的影响因素是公司财务的重要研究课题。近年来投资者保护法律制度对权益资本的影响逐渐受到关注。国内外学者的实证研究表明投资者保护法与权益资本成本呈负相关的关系,但仍需从理论上进一步阐释投资者保护法与权益资本成本的关系。本文分析表明,投资者法律保护与权益资本成本成反向关系:投资者法律保护的水平越低,权益资本成本越高;投资者法律保护的水平越高,权益资本成本越低。

Cost of equity capital has been an important topic of broadly concern and the effect of investor protection on cost of equity capital is becoming a hot issue. Though the empirical studies show a highly significant negative correlation between investor protection and cost of equity capital, it＇ s still necessary to do further theoretical research on this. Our finding shows that a reverser correlation exits between investor protection and cost of equity capital.