摘要
本文基于资本成本视角,从微观企业层面,对外资持股产生的经济后果进行了研究.研究发现:(1)相对于没有外资持股的公司,有外资持股的公司资本成本更低,并且随外资持股比例的上升,资本成本降低.(2)在信息披露质量较高的企业中,外资持股降低资本成本作用更强.(3)国有股持股比例较低的上市公司中,外资对资本成本的降低效果更强.(4)进一步研究发现,与QFII持股相比,通过陆股通渠道进入的外资对资本成本的降低效果更显著.考虑了内生性和执行多项稳健性检验后,这一结论依然成立.本文为进一步扩大资本市场开放,不断放开外资持股比例限制等制度安排提供了理论支持.
From the micro-enterprise level and based on the angle of capital cost,this paper discusses the effect of foreign ownership on the value discovery ability of China’s capital market.The following are findings of the study:(1)Compared with the companies without foreign shares,the companies with foreign shares have a lower cost of capital which decreases as the proportion of foreign shares increase;(2)foreign ownership can more effectively reduce the cost of capital in the companies with a higher quality of information disclosure;(3)among the listed companies with a lower proportion of state-owned shares,foreign ownership has a significant effect on the decrease of the cost of capital;(4)further research finds that compared with QFII,the effect of foreign shareholding via Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects is more significant on reducing the cost of capital.The above conclusions remain unchanged after a series of robust tests withthe endogeneity considered.This study provides support for further expanding the capital market liberalization and continuously improving the arrangement of foreign shareholding system.
作者
魏刚
武晓晓
WEI Gang;WU Xiaoxiao(Business School,Shaoxing University,Shaoxing,Zhejiang 312000)
出处
《绍兴文理学院学报》
2021年第4期86-102,共17页
Journal of Shaoxing University
基金
国家自然科学基金面上项目“资本成本约束下公用事业企业政府规制研究”(71572117).
关键词
外资持股
资本成本
信息披露
国有股权
foreign ownership
cost of capital
information disclosure
state-owned equity
