公司治理论文：公司治理对权益成本的影响研究.doc.doc

公司治理论文：公司治理对权益成本的影响研究 【中文摘要】公司治理是一组规范公司相关各方的责,权,利的制度安排,是现代企业中最重要的制度架构。它包括公司经理层,董事会,股东和其他利害相关者之间的一整套关系。通过这个架构,公司的目标以及实现这些目标的手段得以确定。《现代企业财务管理(第十版)》对公司的权益资本成本也作了详细的描述,文中指出,权益资本成本指的是公司权益资本的必要报酬率,亦即股权所有者最低要求的报酬率。上市公司为了降低公司的权益资本成本,往往需要对公司权益资本成本的影响因素进行研究,通过前人的研究可以得知：财务杠杆,系统风险,企业规模,账面市值比,成长机会等等都会对公司的权益资本成本产生一定的影响。那么公司治理因素是否对权益资本成本也有着重要的影响呢?本文从公司治理的各个层面(特别是内部治理)系统的研究公司治理对权益资本成本的影响。本文运用剩余收益折现模型(GLS)计算公司的权益资本成本。运用2009年以前在上海证券交易所上市的286家公司的数据,控制了影响权益资本成本的其它因素以后,系统的检验公司治理因素对权益资本成本的影响。结果显示：第一大股东持股比例和董事会规模与权益资本成本正相关,公司治理的其它变量与权益资本成本之间没有表现出明显的相关性。这说明目前中国上市公司治理结构并不是影响权益资本成本的主要因素。 【英文摘要】Corporate governance is a group of the institutional arrangements of standarding the related parties’ responsibilities, rights and interests and is also the most important Institutional framework which includes a set of relationships between among corporate managers, directors, shareholders and other stakeholders.Through this framework,the company’s goals and the means to achieve these objectives are identified.But in the book “Modern Enterprise Financial Management (Tenth Edition)” written by James C. Van Home JihnM.Wachowicz,the cost of equity capital is illustrated clearly and they point out that the cost of equity capital refers to the required rate of return of equity capital,which is the minimum rate of return of the requirements of equity owners.In order to reduce the company’s cost of equity capital,The listed companies often need to study the factors affecting the cost of equity capital.By previous studies,we can learn that the financial leverage, systematic risk, firm size, book value ratio, growth opportunities, and etc all have some impact on the companies’ cost of equity capital.So does the corporate governance factors have an important impact on the cost of equity capital?This paper studies systematically the impact of corporate governance on the cost of equity capital from all levels of corporate governance.In this paper, the cost of the company’s equity capital is calculated by the disc