产品市场竞争对股权资本成本的影响研究——以异质性风险为中介变量

The Impact of Product Market Competition on the Cost of Equity Capital:Taking the Idiosyncratic Risk as Mediating Variable

以我国2003～2006年A股上市公司为样本,以产品市场势力为产品市场竞争的代理变量,采用"产品市场竞争—异质性风险—经济后果"这一研究范式,实证分析产品市场竞争对股权资本成本的影响及其作用路径。结果发现,产品市场势力越大、则股权资本成本越小,异质性风险是产品市场势力与股权资本成本间的中介变量。

Using the data of A share listed companies from 2003 to 2011,empirical research on the impact of product market competition on the cost of equity capital has been done based on the research paradigm of ＂product market competition to idiosyncratic risk to economic consequence＂with product market power being regarded as proxy variable of product market competition in this paper.The results show that the stronger product market competition,the lower the cost of equity capital.Moreover,idiosyncratic risk is an mediating variable between market competition and the cost of equity capital.