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论文编号：	10115
作者编号：	2120162739
上传时间：	2018/6/8 20:43:48
中文题目：	企业声誉与权益资本成本——基于信息不对称视角的研究
英文题目：	Corporate Reputation and Cost of Equity Capital: A Study Based on Information Asymmetry
指导老师：	齐岳
中文关键字：	声誉理论；企业声誉；信息不对称；权益资本成本
英文关键字：	Reputation Theory；Corporate Reputation；Information Asymmetry;Cost of Equity Capital
中文摘要：	现代企业的资金来源主要包括内部融资和外部融资两类。内部融资来源于企业的留存利润，外部融资则来源于股票和债券市场。企业进行外部融资会产生相应的成本，权益资本成本是企业在股票市场进行融资时，投资者所要求的与其承担风险相对应的报酬率。权益资本成本产生的原因在于投资者对其所承担投资风险向上市公司索取的风险报酬，投资者所承担的风险越大，上市公司所承担的权益资本成本也就越大。投资者风险产生的主要原因是投资者与上市公司之间存在信息不对称，信息不对称度越高，投资者承担的风险越大。由于制度、审批方面的原因，我国上市公司股权融资成本相对较低，存在显著的股权融资偏好。在这种大环境下研究影响企业权益资本成本的相关因素，进而控制企业股权融资成本有较强的现实意义。所以，本文从信息不对称的角度出发，研究了企业声誉与权益资本成本之间的关系。 首先，本文根据国内三份主流机构发布的“中国最受尊敬企业”榜单来定义高声誉企业，采用差分检验的方式比较同一企业在高声誉时期和非高声誉时期权益资本成本的变化情况。然后，采用倾向得分匹配法确定高声誉企业的对照样本，利用多元回归分析检验企业声誉与权益资本成本之间的关系，考虑到实务中企业声誉影响的滞后效应，本文将因变量滞后一期，对两者之间的关系再次进行了研究。本文采用了学术界常用的中介效应检验方法检验了信息不对称在企业声誉与权益资本成本关系中的中介效应。为保证研究结果的稳健性，本文更换了企业声誉的衡量方式和对照样本的选取方式对企业声誉与权益资本成本之间的关系进行稳健性检验。由于企业声誉不是外生变量，考虑到本研究中可能存在的内生性问题，本文采用Heckman二阶段回归再次探究了企业声誉与权益资本成本之间的关系。 本文研究结果表明：限制其他情况下，企业声誉越高，企业的权益资本成本越低，并且信息不对称在企业声誉与权益资本成本之间起到了中介作用。好的企业声誉会降低投资者与企业之间的信息不对称，权益资本成本会随着信息不对称的降低而降低。此外，本文还发现企业的上榜次数会影响到企业的权益资本成本，但是上榜次数对权益资本成本的影响要小于是否上榜对权益资本成本的影响。并且企业声誉对权益资本成本的影响具有滞后性，当期企业声誉越好，下一期的权益资本成本也越低。本文的研究为我国上市公司的股权融资成本管理、声誉管理，以及投资者的投资决策均提供了一定的理论依据，具有一定的现实意义。
英文摘要：	The sources of capital for modern enterprises mainly include internal financing and external financing. Internal financing comes from the company's retained profits, while external financing comes from the stock and bond markets. The external financing of a company will generate corresponding costs. The cost of equity capital is the rate of return that investors demand when they are investing in the stock market. The reason why the cost of equity capital arises is that the greater the investor’s risk that the investor takes for the listed company, the greater the cost of equity capital that the listed company will bear. The main reason for investor risk is the information asymmetry between investors and listed companies. And the higher the information asymmetry is, the greater the risk borne by investors. Due to institutional and approval reasons, the cost of equity capital of Chinese listed companies is relatively low. And there is a significant preference for equity financing. Under such circumstances, it is of great importance to study the relevant factors that affect the cost of corporate equity capital and control the cost of equity capital. Therefore, this paper studies the relationship between corporate reputation and cost of equity capital from the perspective of information asymmetry. First, this article defines high-reputation companies based on the “China's Most Admired Companies” list published by three mainstream organizations in China and uses a differential test to compare the changes in the cost of equity capital of the same company during periods of high reputation and non-high reputation. Then, a propensity score matching method was used to determine the comparative samples of high-reputation companies. Multiple regression analysis was used to examine the relationship between corporate reputation and cost of equity capital. Taking the lagged effects of corporate reputation in practice into account, this paper will delay the dependent variable by one period to study the relationship between corporate reputation and the cost of equity capital. Then this paper uses the common method to test the mediate effect of information asymmetry in the relationship between corporate reputation and cost of equity capital. In order to ensure the robustness of the research results, this paper changed the measurement of corporate reputation and samples to explore the relationship between corporate reputation and cost of equity capital further. Since corporate reputation is not an exogenous variable and some endogenous problems may exist in this study, this paper uses Heckman's two-stage regression to explore the relationship between corporate reputation and cost of equity capital once again. The research results show that controlling other circumstances, the higher the corporate reputation is, the lower the cost of equity capital of the company is. And the information asymmetry plays an intermediate role between corporate reputation and cost of equity capital. In addition, this paper also finds that the number of companies on the list will affect the cost of equity capital of the company, and the impact of corporate reputation on the cost of equity capital has a lag. This paper provides certain theoretical basis for the listed company's equity financing cost management, reputation management, and investor's investment decision. It has a certain theoretical significance practical significance.
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