摘要
本文考察机构投资者与所有权性质如何影响公司的资本成本。我们发现,第一,机构投资者参与显著降低了公司的资本成本,且长期投资者发挥的作用更为明显;第二,相对于民营企业而言,机构投资者的作用在国有企业中更为明显;第三,机构投资者降低企业权益资本成本的作用机制主要体现在公司治理与信息解读两个方面,并在不同产权性质企业中存在一定差异。总体而言,机构投资者能够通过监督公司的治理行为以及提高公司的信息披露降低公司的资本成本。本文为机构投资者在我国资本市场上所扮演的角色提供了新的证据,同时建议监管部门应注重管理机构投资者参股交易行为中的规范性。
In this paper, we investigate the relationship between institutional investors and cost of capital. We find that： （ 1 ） The institutional investors can reduce the cost of capital of listed - firms, and the influence of long - term institutional investors is more significant; （ 2 ） For the finns of different ownership structure, the institutional investors have more effect on cost of capital for SOE than Non - SOE ; （ 3 ） The mechanism that institutional investors can mitigate cost of capital is mainly reflected in corporate governance and information interpretation, and there also exist difference between SOE and Non - SOE. In general, institutional investors can reduce the cost of capital through the behavior of corporate governance or information disclosure. We provide new evidence for the role which institutional investors play in our capital market. Meanwhile, we suggest the regulators should concentrate the trading behavior of institutional investors.
作者
代昀昊
DAI Yunhao(School of Economics,Huazhong University of Science and Technolog)
出处
《金融研究》
CSSCI
北大核心
2018年第9期143-159,共17页
Journal of Financial Research
基金
国家自然科学基金青年项目(71702061)的资助
关键词
机构投资者
所有权性质
资本成本
Institutional Investors
Ownership Structure
Cost of Capital
