中国上市公司股权融资与债权融资成本实证研究

An Empirical Study on Financing Cost for Equity Financing vs. Debt Financing of China's Listed Companies

本文对中国上市公司IPO后的股权与债权的融资成本进行了实证研究。影响企业市场价值变化的主要因素是行业因素以及企业的初始市值 ,于是我们选取了家庭耐用消费品行业以及纺织和服装行业的上市公司 ,对同行业间各组匹配公司进行直接比较 ,从而发现 :站在上市公司股东利益的角度考虑 ,债权融资成本低于股权融资成本。这主要是股权融资的软约束造成的企业经营业绩下滑 。

This paper conducted an analysis of financing cost for debt financing and equity financing after initial public offering of China's listed companies. We found that firms' initial market capitalizations and the industry they belong to are the major factors that affect the value of firms' final market capitalization. So we select listed companies in home durable industry and apparel industry, and compare the matching companies in the same industries. We found that from shareholder's perspective, the financing cost of debt financing is lower than that of equity financing. The main reason is that the soft restriction of equity financing often leads to poor performance, and the market capitalization then goes down after seasoned equity offerings.