终极控股股东类型、两权分离度与公司债券融资成本

被引:8
作者
欧阳励励
陈辉发
张川
机构
[1] 上海海事大学经济管理学院
关键词
股权结构; 公司债券融资成本; 投资者保护; 两权分离度;
D O I
10.13781/j.cnki.1007-9556.2014.09.008
中图分类号
F832.51 []; F224 [经济数学方法];
学科分类号
0701 ; 070104 ;
摘要
以沪深两市同时发行股票和公司债券的上市公司为样本,研究了终极控股股东类型和公司控制权与现金流权分离程度对公司债券融资成本的影响。研究发现,公司控制权与现金流权分离程度越高,公司债券融资成本越高。进一步研究发现,对于地方政府和非国有控股公司发行的公司债券,投资者要求的风险溢价更高,特别是公司两权分离程度越高,公司债券融资成本越高。本文的研究为公司股权结构对债券市场投资者行为的影响提供了经验证据。
引用
收藏
页码:92 / 103
页数:12
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