终极所有权结构论文终极所有权结构、法律环境对权益资.doc

终极所有权结构论文：终极所有权结构、法律环境对权益资本成本的影响研究【中文摘要】权益资本成本作为公司进行投资决策、筹资决策和公司的价值评估的重要参考标准一直是众多学者关注的热点之一。目前国内外学者对于权益资本的研究主要集中于权益资本成本的度量模型以及公司的特征因素和公司治理的微观层面因素对权益资本的影响两个方面,虽然也有学者开始关注制度因素对公司资本成本的影响,但是并不全面,也很少有学者关注公司治理中终极所有权结构对权益资本成本的影响,并将公司治理的内部因素和外部因素相结合来研究权益资本成本的影响因素。那么在中国特殊的制度环境下,公司治理的微观因素终极所有权结构和制度因素法律环境会不会影响上市公司的权益资本成本呢?法律环境又会不会影响终极所有权结构和权益资本成本之间的关系呢?基于以上这些问题,本文结合中国制度背景,理论推演终极所有权结构和法律环境对公司权益资本成本的影响,以及法律环境是否会影响终极所有权结构与权益资本成本之间的关系。在控制公司特征和公司治理等相关变量下,采用在沪、深上市的非金融类的775家公司2004-2006年的平衡面板数据为样本,利用OLS估计经验检验终极所有权结构和法律环境如何影响上市公司的权益资本成本以及法律环境对终极所有权结构和权益资本成本之间的关系的影响。研究结果表明,终极所有权结构和法律环境确实会影响上市公司的权益资本成本,并且法律环境也会影响终极所有权结构和上市公司权益资本成本之间的关系。具体而言：(1)与终极控制人是非国有性质的上市公司相比,终极控制人是国有性质的公司具有更低的权益资本成本；(2)终极控制人的控制权比例与公司的权益资本成本显著负相关,终极控制人的现金流权比例与公司的权益资本成本显著负相关(3)法律环境越好的地区,中小投资者的法律保护程度较高,有利于降低公司的权益资本成本,同时较好的投资者法律保护可以缓解终极控制人与中小股东之间的代理冲突,削弱终极所有权结构对公司权益资本成本的影响力。本文在前人研究的基础上进一步拓展了公司治理和权益资本成本的相关研究,为我国学者的今后研究提供一定的经验证据；同时本文还提出了一些政策性建议帮助完善我国公司治理水平和促进资本市场的发展。【英文摘要】The cost of equity capital serving as the key reference of the investment and finance choice of the firm and the valuation of firm,is one of the hot issues of many researchers.So far,the study of the cost of equity capital pay more attention to following aspects:the measure of cost of equity capital and how corporate characters and corporate governance micro-factors influence the cost of equity capital.But they dont cover all the factors may affect cost of equity capital,few researchers study whether ultimate ownership structure and legal environment affect cost of equity,or combined internal corporate governance micro-factors with institutional environment to study the cost of equity capital.So, based on institutional background in China,Whether ultimate ownership structure and legal environment influence cost of equity capital and how? Whether legal environment affets the relationship between ultimate ownership structure and the cost of equity capital and how?Based on the above questions,this paper considers institutional background in China, and then theoretically deduces the influence of ultimate ownership structure and legal environment on the cost of equity capital, and the influence of legal environment on the relationship between ultimate ownership structure and the cost of equity capital. Controlling corporate character variables and corporate governance variables, this paper adopts balanced panel data of 775 Chinese non-financial listed companies from 2004 to 2006(2325 samples in all) and applies ordinary least squares (OLS) to empirically examine how ultimate ownership structure and legal environment affect firms cost of equity capital and how legal environment affects the relationship between ultimate ownership structure and the cost of equity capital. The empirical evidence provided by the paper shows that ultimate ownership structure and legal environment do affect the cost of equity capital, whats more legal environment do affects the relationship between ultimate ownership structure and the cost of equity capital. To be specific, (1)comparing with non-state owned firms, the equity capital cost of state owned firms is lower; (2) the control proportion of ultimate controller have significant negative effects on the cost of equity capital, and the cash flow rights of ultimate controller have significant negative effects on the cost of equity capital. In other words, the higher cash flow rights is, the lower the equity capital cost is;(3) the better the legal environment is the stronger the protection of minority shareholders is,which can ease the agency conflict between the ultimate owner and minority shareholders, then reduce the cost of equity capital at the same time. And good legal environment can weaken the relationship between the ultimate ownership structure and the cost of equity capital.This paper expands the former studies about the corporate and cost of equity capital based on the previous papers and provides empirical evidence for the later researchers.At the same time,this paper give some suggestions on policy to help improve the corporate governance and improve the development of capital market in China.【关键词】终极所有权结构 法律环境 权益资本成本 经验证据【英文关键词】Ultimate Ownership Structure Legal Environment Cost of Equity Capital Empirical Evidence【目录】终极所有权结构、法律环境对权益资本成本的影响研究摘要6-7Abstract7-8第1章 绪论11-161.1 研究背景及国内外研究现状11-141.1.1 研究背景11-131.1.2 研究意义13-141.2 本文的研究内容、逻辑思路和研究方法14-161.2.1 本文的逻辑思路和研究内容14-151.2.2 本文的研究方法15-16第2章 国内外文献述评16-272.1 权益资本成本的度量模型综述16-172.2 实证研究现状述评17-272.2.1 公司特征因素与权益资本成本17-192.2.2 公司治理与权益资本成本19-232.2.3 制度环境与权益资本成本23-252.2.4 实证研究现状评述25-27第3章 理论分析和研究假设27-333.1 终极控制人性质和权益资本成本27-293.2 终极控制人的所有权比例和控制权比例与权益资本成本29-313.3 法律环境和权益资本成本31-323.4 法律环境对终极控制人和权益资本成本之间关系的影响32-33第4