控股股东股权质押与债务融资成本的关系研究

On the Relationgship between Stock Rights Pledge of Controlling Shareholders and Debt Financing Cost

以2010-2017年我国沪深A股上市公司为样本,利用多元线性回归研究控股股东股权质押对债务融资成本的影响。研究表明:相比于不存在控股股东股权质押的公司,存在控股股东股权质押的公司债务融资成本更高。且产权性质作为一种内部治理机制,国有产权背景可减弱控股股东股权质押所引发的债务融资成本的提高。

Using the data of A-share listed companies in Shenzhen and Shanghai from 2010-2017,this paper uses multiple linear regression to investigates the impact of controlling shareholders’stock rights pledge on debt financing cost.It is founded that the companies with stock rights pledge by controlling shareholders have higherdebt financing cost than those companies without stock rights pledge.Nature of property rightis viewed as an internal governance mechanism,and the state-owned property right background can reduce the increase of debt financing cost caused by controlling shareholder’s stock rights pledge.