高控制权溢价是否提升公司债务融资成本

Do High Control Premiums Increase a Company’s Debt Financing Cost?

债务融资作为中国企业主要的融资方式,其融资成本关乎企业的发展。利用2000～2013年中国A股上市公司以控制权转移为目的的股权转让数据,构建回归模型研究控制权转移过程中高控制权溢价对公司债务融资成本的影响,研究发现高控制权溢价提升了企业未来年度的融资成本,同时中国上市公司中普遍存在的高两权分离度会放大其述影响,进一步提升企业的债务融资成本;处于良好的外部法律和信息环境中的企业可以缓解高控制权溢价引致的债务融资成本的提升。建议监管当局应当关注具有高两权分离度的上市公司,保护中小股东的合法权益;积极推动投资者权益保护的相关离法和诉讼制度,降低中小股东维权成本。

Debt financing is a major financing method used by Chinese enterprises and its financing cost is related to the development of those enterprises. The stock transfer data related to the transfer of the controlling stake in China＇ s A-share companies during 2000-2013 were adopted for the study. The research results showed that a high control premium increased an enterprise＇ s financing cost in the coming year, and that the impact was further aggravated by the high degree of power separation that was common in listed companies, which further increased an enterprise＇ s debt financing cost. On the other hand, the research results also showed that enterprises under good external legal and information environments could alleviate the increase in debt finan- cing cost caused by high control premiums. It is suggested that the regulatory authority should pay attention to listed companies with a high degree of power separation to protect the interests of minority shareholders ; and should actively promote the legislation and legal rights and litigation system related to investor rights protection thereby lowering the costs involved in protecting minority shareholders＇ rights and interests.