社会信任与股权资本成本

Social Trust and the Cost of Equity Capital

基于供给侧结构性改革和践行社会主义核心价值观的时代背景,以2010—2017年沪深A股非金融类上市公司数据为样本,实证检验了社会信任对股权资本成本的影响,并利用中介效应模型深入探究二者的作用机制。研究发现:(1)社会信任能够显著降低股权资本成本;(2)中介机制表明,社会信任通过提升财务信息透明度与股票流动性,缓解了信息不对称程度,导致股权资本成本下降;(3)法律环境与社会信任互为补充,在法律环境越好的地区,社会信任降低股权资本成本的效果越明显。上述研究厘清了社会信任与股权资本成本的关系及作用机制,为企业降低股权资本成本提供了来自社会信任视角的解释,也为政府积极培育信任环境提供了经验证据。

Under the background of supply-side structural reform and the implementation of socialist core values and based on the data of Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2017, this paper empirically tests the impact of social trust on the cost of equity capital, and also uses the intermediary effect model to explore their the mechanism. There are following findings:(1) Social trust can significantly reduce the cost of equity capital.(2) The intermediary mechanism shows that social trust can alleviate the degree of information asymmetry and reduce the cost of equity capital by improving the transparency of financial information and stock liquidity.(3) The legal environment and social trust complement each other. In areas where the legal environment is better, the effect of social trust in reducing the cost of equity capital is more obvious. This study clarifies the relationship and mechanism between social trust and the cost of equity capital, provides an explanation from the informal system of social trust for companies to reduce the cost of equity capital. It also provides empirical evidence for the government to actively foster a trusting environment.