公司治理结构和分析师预测对隐含资本成本影响及实证研究

The Empirical Study on Influence of Corporate Governance Structure and Analyst Forecast on Implied Cost of Capital

通过实证检验的方法检验影响上市公司隐含资本成本的因素,采用横截面模型(RI方法)估算预期收益并利用GGM模型、GLS模型和MPEG模型计算了样本公司的隐含资本成本。通过分组分析和回归分析发现高管的薪酬激励能够缓解代理问题,使投资者的风险溢价水平下降从而降低了隐含权益资本成本;控制人的过度控制现象会带来大小股东利益冲突使预期权益资本成本上升。分析师预测误差对公司的隐含资本成本有显著影响,但是对不同的模型计算出来的ICC具有不同影响。分析师覆盖对隐含资本成本有显著的正向影响,关注的券商机构或分析师人数越多,公司的隐含资本成本平均更高。

Through empirical method, we examined the factors that affect the implicit capital cost of listed companies. We used cross sectional mode] （RI method） to estimate expected revenue and calculated the implicit capital cost of Sample Firms by using GMM model, GLS model and MPEG model. By cluster analysis and regression analysis this paper found that the executive compensation incentive can alleviate the agency problem, so that investors risk premiums decline so as to reduce the implied cost of equity capital. Analysts＇ prediction error had a significant impact on the company＇ s implied capital cost, but had different effects on the ICC calculated by different models. The coverage of analysts had a signifieant positive impact on the cost of implicit capital. The more the number of agencies or analysts concerned, the higher the implied capital cost of the company is.