国有制造类上市公司公司治理对权益资本成本影响的实证研究

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1、西南交通大学硕士学位论文国有制造类上市公司公司治理对权益资本成本影响的实证研究姓名：田宝申请学位级别：硕士专业：技术经济及管理指导教师：涂锦20071001AbstractThefinancialcostisthecoreconceptofcapitaltheory．Unliketheaccountingcosttheory，thecostofcapitalmeanstherateofreturnoncapital．Andthecostofequitycapitalistheminimumrateofreturntherequesttocommonstockshareholders．From

2、theperspectiveofenterprises，itisalsopaythepriceofusingequityfinancingwithenterprise．TheequitycapitalcostofcompanyISasignificanceindicatorofcorporatefinanceperformance，reflectingthecompany’Sfinancingcapacity．Discussionwhatfactorsdecidethecorporatefinancecostsareimportantlytotheenterprisesreasonablef

3、inancing·Becauseofthis，therehavemanystudiesofthefactorsaffectingthecostofcapital．Inrecentyears，therehavesomeresearchaboutcorporategovernanceimpactonthecostofcapitalindomesticandinternational．In2004State—controlledlistedcompanieswhichposse·ssion67％totalnumberofalllistedcompaniesinChinahaveaprominent

4、issueisthatoccupyhighproportionofstate-ownedsharesduetotheabsenceofthemainholdingsofstate·ownedsharesandadministratively．Whatkindofinfluencewiththeseproblemswillbedoneforthecostofcapitalwithstate-controlledlistedcompanies?Andspecifically，themanagementstructurewillbeimpacttheequitycapitalcosts?Ifrea

5、llyhappen，howextent?Thispaperbasedontheseissues，onthebasisofresearchliterature，establishedtheeconometricmodelofcorporategovernanceimpactonthecostofequity，using．2004ShenzhenShanghaiStockExchange91state．controlledlisted毛ompany’Sdata，firstusingtheremainingproceedsfordiscountedvariablemodelequitycapita

6、lcosts，tnentestthecostofequitycapitalreasonably，finally，emPiricallytestthecorporategovernanceoflistedstate-controlledfactorstothecostofequitycapital·TheresultsshowthatbetweensharesconcentrjtionandequityCapitalcostshavepositivecorrelationinstate．contr011edlistedcompanles·Andothersgovernancefactorsli

7、kesharesoutstandingratio，boardsize)theratioofindependentdirectors，twograde．oneshowednoobviouscorrelation．1hispapertaketheempiricalresearchandnormativestudyinbothwaY8‘Onthisbasis，inspectthestate．controlledst