法与经济学视角下民营企业的政治关联与权益资本成本

Political Connection and Cost of Equity Capital of Private Enterprises from the Perspectives of Law and Economics

笔者基于法与经济学的视角,构建模型研究了中国转轨期民营企业的政治关联、法律制度与权益资本成本之间的影响关系。研究发现:政治关联与权益资本成本负相关,在法制不完善时,政治关联可保护民营企业产权,降低其权益资本成本;法律保护水平与民企权益资本成本负相关,提高法律保护水平会带来民企和投资者双赢局面;而政治关联与法律制度是替代关系,法制的完善会降低政治关联的作用。研究结果为加强国家法制建设提供了决策依据。

From the perspective of law and economics, the authors construct a model to research the logical relationship among political connection, legal system and the cost of equity capital. The findings indicate that political connection and equity capital cost are nega- tively correlated, and when the legal system is not perfect, political connection can protect private enterprises＇ property rights and re- duce their equity capital cost; there exists a negative correlation between legal protection level and private enterprises＇ equity capital cost, and the improvement of legal protection level can bring private enterprises and external investors a win - win situation; political connection and legal system can be substituted by each other, and constant improvement in the legal system can reduce the function of political connection. The results provide decision making foundation for strengthening the national legal system.