摘要
本文以2008-2015年沪、深两市A股上市公司为样本,研究富豪榜对融资约束的影响。研究发现,实际控制人登上富豪榜显著加剧上市公司融资约束,具体表现为富豪公司股权与债务融资成本的提高;在公平和平等主义文化背景下,上榜富豪的财富被认为是不公平的或者是不适当的,公众的负面关注和不满引起公司政治成本提高、财政补贴减少,进而加剧公司信息不对称程度和代理成本。
In this paper, the Shanghai and Shenzhen A-share listed companies during 2008-2015 are used as samples for the research on the impacts of rich list on financial constraints. The analysis of the paper shows that the actual controllers of the companies entering the rich list significantly increases the financial constrains of the listed companies, which is specifically reflected in the increase in financing costs of the equity and debts of the companies. In the context of fair and egalitarian culture, the wealth of the rich is considered unfair or inappropriate, so the public＇s negative concerns and dissatisfaction result in the increase in political costs and the decrease in financial subsidies of the companies, and then the increase in the information asymmetry and agency costs of the companies.
作者
翟淑萍
白素文
白冠男
ZHAI Shu-ping;BAI Su-wen;BAI Guan-nan
出处
《金融论坛》
CSSCI
北大核心
2018年第11期50-67,共18页
Finance Forum
基金
国家自然科学基金青年项目"环境不确定性
管理者自信与企业创新投资:影响机理与经济后果"(71502119)
