公司治理、声誉机制与权益资本成本

Corporate Governance,Reputation Mechanism and Cost of Equity Capital

以2004—2008年"中国最受尊敬的企业"为研究样本,实证检验公司声誉与权益资本成本之间的关系。发现研究组与参照组之间的权益资本成本存在明显差异,回归结果表明,良好的公司声誉能够显著降低权益资本成本。研究结论不仅为声誉机制的公司治理研究提供了机理方面的直接证据,而且也为转型经济国家在市场化过程中如何更好地发挥声誉机制的作用提供了政策建议。

This paper selects admired finns in China as sample from 2004 to 2008 in order to study the relationship between corporate reputation and cost of equity capital. We find that there is signiilcant difference in cost of equity capital between research sample and control sample. Besides that, regression results indicate that favorable corporate reputation could dramatlcally decrease the cost of equity capital. Our conclusions not only provide direct evidence for research on reputation mechanism and corporate governance, but also contribute to take advantage of reputation mechanism in transition countries.