摘要
近年来,我国通过全面推行注册制、成立北交所等一系列措施,不断提高资源配置效率、改善宏观市场条件,尤其是资本市场,使企业实体运营环境得到进一步优化,为企业融资提供更加便利的条件,进而解决企业融资难、融资成本高的问题,使企业得到更好的发展。反之,企业也在持续发展中为国家经济增长贡献了力量。本文以2010~2020年沪深A股制造业上市公司数据为样本,利用多元线性回归分析研究宏观经济增速、微观股权集中度对权益资本成本的影响。研究发现,经济增速与权益资本成本之间呈显著负相关,即经济增速放缓使企业权益资本成本上升;股权集中度与权益资本成本之间呈显著负相关;股权集中度能够抑制目前我国经济增速下滑对企业权益资本成本产生的影响,起到调节作用。
With the continuous growth of the national economy,national governance has become more powerful and experie⁃nced.In recent years,China has continuously improved the efficiency of resource allocation and macro market conditions,espe⁃cially the capital market,through a series of measures such as the full implementation of the registration system and the establish⁃ment of the Beijing Stock Exchange,so as to further optimize the operating environment of enterprise entities and provide more con⁃venient conditions for enterprise financing,then solve the difficulties of enterprise financing and high financing cost,so as to make the enterprise develop better.On the contrary,enterprises have also contributed to the national economic growth in the process of sustainable development.Based on the data of A-share Manufacturing Listed Companies in Shanghai and Shenzhen from 2010 to 2020,this paper uses multiple linear regression analysis to study the impact of macroeconomic growth and micro ownership concen⁃tration on the cost of equity capital.It is found that there is a significant negative correlation between economic growth and the cost of equity capital,that is,the slowdown of economic growth increases the cost of equity capital.There is a significant negative cor⁃relation between ownership concentration and the cost of equity capital.Equity concentration can restrain the impact of the current decline in China's economic growth on the cost of enterprise equity capital and play a regulatory role.
作者
张春颖
王月
Zhang Chunying;Wang Yue(School of Management,Changchun University,Changchun 130000,China)
出处
《工业技术经济》
北大核心
2021年第12期35-42,共8页
Journal of Industrial Technological Economics
基金
吉林省教育厅“十三五”社会科学项目“吉林省企业投融资管理、风险控制以及信息化推进问题研究”(项目编码:JJKH 20200595SK)。
