终极控股股东类型、两权分离度与公司债券融资成本

Type of Ultimate Controlling Shareholders,Divergence of Control Rights and Cash Flow Rights,and Cost of Corporate Bonds

以沪深两市同时发行股票和公司债券的上市公司为样本,研究了终极控股股东类型和公司控制权与现金流权分离程度对公司债券融资成本的影响。研究发现,公司控制权与现金流权分离程度越高,公司债券融资成本越高。进一步研究发现,对于地方政府和非国有控股公司发行的公司债券,投资者要求的风险溢价更高,特别是公司两权分离程度越高,公司债券融资成本越高。本文的研究为公司股权结构对债券市场投资者行为的影响提供了经验证据。

This paper investigates the impact of types of ultimate controlling shareholders and divergence between control rights and cash flow rights on cost of corporate bonds of Chinese listed companies. We find that the higher the divergence between control rights and cash flow rights of the company, the higher the cost of bonds. Furthermore, cost of bonds issued by companies who are controlled by local-governments and private entities is higher as the divergence between control rights and cash flow rights of these companies is higher. The conclusion provides empirical evidence for the influence of corporate ownership structure on bond investors＇ behavior.