我国创业板上市公司股权融资成本影响因素研究.doc

PAGE PAGE 29 我国创业板上市公司股权融资成本影响因素研究 摘要 高新技术型的企业已经成为国民经济重要的组成部分，而注重“高科技、高成长”的创业板上市公司更是其中的重点。上市公司对股权融资具有较强的偏好，关注创业板上市公司股权融资成本的影响因素，对我国创业板上市公司提高融资决策水平、降低企业融资成本、完善资本结构及支持企业长远发展都有着重要的意义。 本文首先归纳介绍了国内外学者关于股权融资成本影响因素，并以他们的理论和研究成果为基础，展开本次的研究。其次介绍了股权融资成本相关的计量理论，以及对股权融资成本影响理论，选取了PEG比率法进行实证研究。 本文以我国创业板上市公司2012年的数据作为研究样本，通过wind数据库采取了各公司的数据并剔除数据异常的公司，对股权融资成本影响因素展开实证分析。首先，运用PEG比率法，采用公司后两期的每股盈余来计算公司的股权融资成本。其次，根据前人的理论，选取了β、公司规模、账面市值比、资产周转率、第一大股东持股比例、净资产收益率、资产负债率作为解释变量，并提出研究假设，考察其对股权融资成本的影响。然后，通过多元线性回归模型，借助是spss软件，逐步分析考察相关变量与融资成本的因素。 关键词：股权融资成本；创业板上市公司，面板数据，净资产收益率 Abstract High-tech enterprises have become an important part of national economy. GEM listed company focuses on high-tech and high-growth is especially the focus of high-tech enterprises. Listed company has a strong preference for equity financing. Paying attention to the factors that influence the cost of GEM listed company equity financing has important significance for the raise of the level of financing decisions, financing costs reduce, capital structure improvement and support for long-term development of Chinese enterprises. This article first summarizes and introduces equity financing cost factors from domestic and foreign scholars’ studies. The author will expand his own study based on theories and researches others have reached. Following is the introduction about measurement theory of equity financing costs and the theory of the impact of equity financing cost which takes the PEG ratio method to do empirical research. This article takes data of Chinese GEM Listed companies in 2012 as samples. It empirically analyzes factors of equity financing cost by using the WIND data bank to get the data of companies and eliminate companies that have data exceptions. First, the author uses the PEG ratio method and company’s earning per share to calculate the companys cost of equity capital. Second, according to the current theories, the writer selects β, company size, book-market ratio, asset turnover, the ratio of the lar