公司内部治理机制与股权融资成本——股权性质差异条件下的影响因素分析

Corporate Internal Governance Mechanisms and the Cost of Equity Financing:an Analysis on the Influencing Factors under the Differences of Equity Property

本文通过实证研究发现,股权制衡度、独立董事比例与信息透明度等公司内部治理机制对于中国上市公司股权融资成本存在显著的影响,而国有上市公司的股权融资成本影响因素则有所区别,董事长和CEO的两职分离性与董事会规模是显著影响因素。原因在于投资者自我保护意识的觉醒,开始更多的关注限制大股东行为的治理机制来约束大股东行为;同时,考虑到中国的实际情况,投资者则倾向于采用分散权力的手段。

This empirical study found that there is a significant impact between several corporate internal gov- ernance mechanisms, such as equity balance, the proportion of independent directors and the transparency of infor- mation and the cost of equity financing for listed companies in China, while for state-owned listed companies, the separation of chairman and CEO and board size are significant factors. Because of the awakening of self-protection of investors, more attention began to be paid to restrict the behavior of large shareholders through the shareholder governance mechanisms; Meanwhile, investors tend to use the means of decentralization, taking into account the actual situation in China.