政治关联、金融生态环境与股权资本成本——基于2005-2012年的数据分析

Political Connections,Financial Ecological Environment and Cost of Equity Capital—An Analysis Based on the Data from the Year of 2005 to 2012

建立政治关联是很多公司试图降低股权资本成本的重要途径。作为公司理财的外部环境,不同的金融生态环境影响着政治关联的股权资本成本效应。文章应用2005-2012年中国上市公司数据进行实证研究,结果表明:总体而论,我国企业通过建立政治关联可以降低股权资本成本;金融生态环境好的地区,政治关联对股权资本成本的降低效应弱于金融生态环境差的地区;金融生态环境综合指数高于0.739的地区,建立政治关联会提高股权资本成本;金融生态环境越差的地区,政治关联对股权资本成本的降低效应越强。

The establishment of political connections is an important way for many corporations trying to reduce the cost of eq-uity capital. As an external environment of corporate finance,different financial ecological environments affect the effect of po-litical connections on the cost of equity capital. This paper conducts an empirical study based on the data of China’s listed cor-porations from the year of 2005 to 2012. The results show that：Generally speaking,China’s corporations can reduce the cost of equity capital through building political connections;The reduction effect of political connections on the cost of equity capi-tal is weaker for the areas in the good financial ecological environment than that in the poor financial ecological environment;The political connections in the areas, of which the financial ecological environment comprehensive index is over 0.739, will increase the cost of equity capital;The worse the financial ecological environment,the stronger the reduction effect of political connections on the cost of equity capital.