中国大陆与台湾地区上市公司股权资本成本估算比较

Estimation and comparison of cost of equity capital between China's Mainland and Taiwan region listed companies

对2004—2008年中国大陆与台湾地区上市公司各行业的股权资本成本进行估算与比较。结果表明:中国大陆地区的股权资本成本在总体水平上高于台湾地区的股权资本成本,这与大陆地区的经济发展速度、资本市场完善程度以及投资者的投资理性相关。

The paper estimated and compared the cost of equity capital in various trades between China's Mainland and Taiwan region listed companies from 2004 to 2008.The research shows that the cost of equity capital of China's Mainland is higher than the cost of equity capital in the Taiwan region at the aggregate level,which is related with the rate of economic development,consummation degree of capital market and investors＇ rationality of listed companies in China's Mainland.