摘要
随着社保基金持股规模日益扩大,社保基金持股对企业权益资本成本有何影响值得关注。基于此,本文选择2008~2019年中国资本市场A股上市公司为样本,实证检验社保基金持股对上市公司权益资本成本的影响以及不同情境下的影响差异。研究发现,社保基金持股能够降低上市公司的权益资本成本,且在民营企业、信息质量较低的企业和非“四大”会计师事务所审计的企业中,社保基金持股降低权益资本成本的作用更明显。进一步研究发现,社保基金持股的上市公司信息披露及时性更高、盈余平滑度更低,这表明社保基金持股通过提高上市公司的信息质量进而降低权益资本成本。本文的结论丰富了社保基金持股的经济后果研究,有助于厘清社保基金持股影响权益资本成本的作用机理。
With the increasing scale of social security fund shareholding,it is worth paying attention to how social security fund shareholding affects the cost of equity capital.According to this,this paper selects the A-share listed companies in Chinese capital market from 2008 to 2019 as samples to empirically test the impact of social security fund shareholding on the cost of equity capital and the difference of the impact under different situations.It is found that social security fund shareholding can reduce the cost of equity capital of listed companies,and the role of social security fund shareholding in reducing the cost of equity capital is more obvious in private enterprises,enterprises with low information quality and those not audited by the"Big Four"accounting firms.Further research has found that the listed companies held by social security fund have higher timeliness of information disclosure and lower smoothness of earnings,which indicates that social security fund shareholding reduces the cost of equity capital by improving the information quality of listed companies.The conclusions of this paper enrich the relevant literature in the field of economic consequences of social security fund shareholding,and help to clarify the mechanism of the impact of social security fund shareholding on the cost of equity capital.
作者
包青
BAO Qing(Party School of Anhui Provincial Committee of the CPC(Anhui Academy of Governance),Hefei 230022,China)
出处
《中南财经政法大学学报》
CSSCI
北大核心
2022年第1期62-73,共12页
Journal of Zhongnan University of Economics and Law
基金
国家自然科学基金面上项目“本地任职、政治关联与企业财务行为:中国关系情景中独立董事视角的理论构建与实证检验”(71772001)。
关键词
社保基金持股
权益资本成本
产权性质
信息质量
Social Security Fund Shareholding
Cost of Equity Capital
Property Right State
Information Quality
