家族控制权、信息透明度与企业股权融资成本

摘要/Abstract

摘要：

本文以社会情感财富和信息不对称理论为基础，基于我国573家上市家族企业2011—2015年的面板数据，分析了我国上市家族企业受市场化进程影响时，家族控制权、信息透明度对企业股权融资成本的影响。研究发现：（1）家族控制权程度越高，企业的股权融资成本越高；（2）信息透明度会减弱家族控制权对企业股权融资成本的积极影响；（3）家族控股权、信息透明度和市场化进程三项交互的结果表明，当企业所处地区市场化进程越高，信息透明度对家族控制权与股权融资成本的调节作用更明显。研究结果为我国家族企业提高信息透明度、监管机构构建与我国市场化进程匹配的信息披露制度提供了经验证据。

关键词: 家族控制权, 信息透明度, 市场化进程, 股权融资成本

Abstract:

From the perspective of socioemotional wealth and information asymmetry theory, we investigate the impact of corporate transparency on the cost of equity of family firms, intervened by levels of marketization. The results show that (1) the higher the family involvement, the higher the cost of equity; (2) corporate transparency could weaken the effects of family control on the cost of equity. Furthermore, different from an advanced capital market, marketization has a substitution effect on the corporate transparency; and (3) the three-way interactions among marketization, family control and information transparency present significant relationship with cost of equity. It means that the negative impact of information transparency on the cost of equity will become weaker as marketization increases. The results provide evidence for improving corporate transparency, establishing regulatory authorities, and matching between information disclosure and marketization in China.

Key words: family control, information transparency, marketization, cost of equity

郭嘉琦, 李常洪, 焦文婷, 王战. 家族控制权、信息透明度与企业股权融资成本[J]. , 2019, 31(9): 47-57.

Guo Jiaqi, Li Changhong, Jiao Wenting, Wang Zhan. Family Control, Information Transparency and Cost of Equity for Family Firms[J]. , 2019, 31(9): 47-57.

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