西部论坛Issue(4)：87-94,8.DOI:10.3969/j.issn.1674-8131.2014.04.12
政府层级、终极股权结构长度和宽度与股权资本成本*--基于我国政府终极控股上市公司经验数据的分析
The Length and Width of Governmental Equity and Ultimate Equity Structure and Equity Capital Cost-Analysis Based on Empirical Data of the Listed Companies with Ultimate Ownership of Chinese Government
摘要
Abstract
By taking the listed companies of A-share ultimate government ownership during 2004-2011 as research objects, by using CAPM, Gordon, OJ and ES Model, their average equity capital cost is estimated, the influence of the length and width of governmental equity and ultimate ownership structure inside state-owned enterprise groups on equity capital cost is tested, and the analysis shows that the equity capital cost of the listed companies of the ultimate ownership of central government is lower than that of the listed companies of local government ownership, that there is an obviously negative correlation between ultimate ownership structure length and equity capital cost, however, there is not a significant correlation between ultimate ownership structure width and equity capital cost, thus, comparing with the extending control chain length, it is more beneficial for a government to control the listed companies via multi-channel, as a result, a government should decease its intervention with the listed companies and meanwhile should not let the ultimate ownership structure length extend limitlessly.关键词
政府层级/终极股权结构/股权资本成本/政府控股/股权结构长度/股权结构宽度/终极控制权/现金流权/两权分离Key words
government level/ultimate ownership structure/equity capital cost/government controlled equity/equity structure length/equity structure width/ultimate ownership/cash-flow right/separation of business right and ownership分类
管理科学引用本文复制引用
王雪梅..政府层级、终极股权结构长度和宽度与股权资本成本*--基于我国政府终极控股上市公司经验数据的分析[J].西部论坛,2014,(4):87-94,8.基金项目
教育部人文社会科学项目（10YJA630146）“资本成本、价值创造与我国国企EVA考核研究”重庆市社会科学规划项目（2013PYGL10）“终极股权结构、财务风险与公司股权资本成本” （）
