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论文编号：	88
作者编号：	2120051900
上传时间：	2007/6/21 20:40:52
中文题目：	投资者保护与公司权益资本成本—
英文题目：	Inventor protection and cost o
指导老师：	陆宇建
中文关键字：	权益资本成本 投资者保护 公司
英文关键字：	Investor protection The cost o
中文摘要：	近年来，随着法金融学的发展，越来越多的研究开始从投资者法律保护的角度研究权益资本成本，考察投资者法律保护与权益资本成本之间的关系。本文通过对国内外的文献梳理发现：无论是国外还是国内研究，着眼点都在于一国投资者法律保护对公司权益资本成本的影响，而很少涉及从微观层面即公司制度安排层面来考察投资者保护与权益资本成本的关系。 就我国具体情况而言，我国上市公司普遍由大股东控制，掌握控制权的大股东与外部中小股东之间的利益冲突产生了尖锐的代理问题，由此形成的代理成本直接影响了上市公司的权益资本成本。所以，从公司制度层面研究中小投资者的权益保护对公司权益资本成本的影响对于维持中小投资者的投资信心、降低公司权益资本成本、完善公司治理结构和提高股东价值具有重要的理论意义和现实意义。 本文以沪深两市2003年575家上市公司为研究样本，在国内外学者研究的基础上，采用剩余收益贴现模型计算的权益资本成本作为因变量，以本文所构建的一套能较为合理地反映公司层面投资者保护水平的投资者保护指数为自变量，在选取了合适的控制变量的基础上，运用多元回归分析方法对两者关系进行检验与分析。研究结果显示，投资者保护与权益资本成本呈显著负相关的关系，即使在考虑了公司规模、Beta系数、行业影响等因素后，二者之间的负相关关系仍然显著，这就表明了我国上市公司虽然整体投资者保护水平不高，但公司之间的保护程度仍有重大差异。公司为提高融资效率，降低融资成本，有动机提高投资者保护水平以向证券市场上的投资者传递良好的信号。本文的实证结果也说明了我国证券市场上的投资者开始趋于理性，已经能够在一定程度上区别对待投资者保护水平不同的上市公司。
英文摘要：	Recently， with the development of law and finance， more and more researches begin to focus on cost of equity capital from investor law protection prospective. From the summary of domestic and international documents，the thesis discover that all of documents focus on influence of investor law protection on cost of equity capital only，not investigating the relationship between inventor protection and cost of equity capital from corporation institution arrangement prospective. In china，most of listed companies are controlled by the largest shareholders. The agency cost resulting from agency problems between the largest shareholders and outside shareholders affects cost of equity capital of listed companies. As a result， researches on influence of investor protection on cost of equity capital from corporation institution arrangement prospective have significance on maintaining confidence of small and median investors，reducing the cost of equity capital， improving cooperate governance and adding values of shareholders. This thesis select 575 listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange as the research sample， adapt Discounted Residual Income Model to measure the cost of equity capital and design an investor protection index which can reflect the level of investor protection. Then it builds theory models to conduct the empirical research. The results show a negative and highly significant association between the variables .the results hold even after taking into factors such as firm size，market Beta and industry. These evident suggest that although the whole level of investor protection is not high，there is significant difference among listed companies. Companies have incentives to improve the level of investor protection to convey signals to investors in stock market in order to reduce the cost of equity capital. The results also suggest that inventors are able to treat listed companies with difference level of investor protection differently
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