外资持股与企业债务融资成本差异

Foreign Shareholding and Corporate Debt Financing Cost Difference

外资股东的引入代表着我国经济多元化发展,可以增强国内企业综合竞争力,影响企业债务融资能力,那么外资持股是否可以减小企业债务融资成本差异呢?本文对二者关系进行实证检验.研究发现:外资持股可以有效降低企业债务融资成本差异,其比例越高则企业债务融资成本差异越小,而且外资股东持股对企业债务融资成本正向差异比对企业债务融资成本负向差异的作用更为显著.进一步的研究表明,外资股东有一定的异质作用,其数量和类型在对企业债务融资成本差异的影响上均表现出显著差异;外资持股主要通过提高企业内部治理效率和增加企业内部融资能力来降低企业债务融资成本差异.研究验证结果可为上市公司如何选择外资股东提供决策参考.

The participation of foreign shareholders shows the diversified development of China's economy,which enhances the comprehensive competitiveness of domestic enterprises and affects the debt financing ability of enterprises,so whether foreign shareholding can reduce difference of corporate debt financing cost,this paper empirically tests their relationship.The results show that foreign shareholding can effectively reduce the difference of debt financing cost,the higher the proportion of foreign shareholding,the smaller the difference of debt financing cost,and the effect of foreign shareholders’shareholding on the positive difference of corporate debt financing cost is more significant than the negative difference of corporate debt financing cost.Further research shows that foreign shareholders have a certain heterogeneous effect,and their number and types show significant differences in the impact on the difference of corporate debt financing costs;Foreign shareholding mainly reduces the difference of debt financing cost by improving the internal governance efficiency and increasing the internal financing ability of enterprises.This paper verifies the governance role of foreign shareholding,and provides a decision-making reference for the listed companies on how to choose foreign shareholders.