实际控制人、高管背景与IPO直接融资成本

Actual Controllers,Educational Background of Executives and IPO Direct Financing Costs

随着资本市场监管力度的加强,我国企业IPO直接融资成本呈现显著上升趋势。一刀切的监管对于诚信企业并不公平,增加了不必要的交易成本,降低了资源配置效率。实际控制人持股比例越高,高管学历水平越高,高管专业胜任能力越强,企业IPO直接融资成本越低。民营企业的高管学历和专业胜任能力能显著降低企业的融资成本,而国有企业高管的平均学历和平均职称等级尽管都高于民营企业,却未能发挥高端人才的作用,未能显著降低融资成本。因此,国有企业实施混合所有制改革有一定的必要性,可以引进民营企业的竞争机制和激励机制,更好地激发国有企业的活力。

With strengthened supervision of capital market,the direct financing costs of IPOs have shown a significant upward trend in Chinese enterprises.The One-Size-Fits-All approach is unfair to honest enterprises,which increases unnecessary transaction costs and reduces the efficiency of resource allocation.The higher the stockholding proportion of actual controllers,the higher the educational background and the stronger the professional competence of executives,thus the lower the direct financing cost of IPO.The educational background and professional competence of private enterprise executives can significantly reduce the financing cost.However,despite the fact that the average degree of education and professional rank and title of state-owned enterprise executives is higher than that of private enterprises,they fail to play the role as high-end talents because they have not significantly reduced the financing costs of IPO.Therefore,it is necessary for state-owned enterprises to implement mixed-ownership reform,so as to improve the recruitment and incentive mechanisms of executives and better stimulate the vitality of state-owned enterprises.