贸易摩擦与权益资本成本

Trade Friction and the Cost of Equity

贸易摩擦为中国出口企业带来了极大的挑战,特别是美国对华"301调查"以来,中国企业所处的国际贸易环境愈加严峻复杂。在此背景下,考察贸易摩擦对企业的影响,以及企业如何采取防范措施具有重要的战略意义。本文以2008-2017年A股制造业上市公司为样本,探讨贸易摩擦对企业权益资本成本的影响。研究发现,贸易摩擦显著提高了权益资本成本,而降低企业经营风险和提高会计信息质量均能有效抑制贸易摩擦所带来的不利影响。进一步地,本文从业务层面和公司治理层面探究了企业防范、缓解贸易摩擦的有效措施。本文从微观视角提供了贸易摩擦经济后果的证据,厘清了宏观环境变化对权益资本成本的作用机理,为贸易摩擦背景下企业如何降低融资成本提供了经验证据。

The "301 investigation" against China has attracted attention from all walks of life about trade frictions.This paper takes the 2008-2017 China A-share manufacturing listed companies as a sample to explore the impact of trade friction on the cost of equity, and the underlying mechanism.We find that trade friction significantly increases the cost of equity, while reducing operating risks and improving the quality of accounting information can effectively address the above issues.The negative impact of trade friction on cost of equity can be alleviated by diversification and hedging with derivatives, which reduces operating risk, or internal control and better accounting information, which mitigates information risk.This article provides evidence of the economic consequences of trade frictions from a micro perspective, enriches the study of the impact of changes in macroeconomic environment on the cost of equity capital and its mechanism, and provides a scientific basis for how to reduce corporate financing costs in the context of trade frictions.