誓言
业务
资本成本
股东
权益成本
股票资本市场
加权平均资本成本
财务
股权风险
衡平法
货币经济学
经济
金融体系
会计
公司治理
私募股权
金融资本
资本形成
市场经济
政治学
法学
激励
人力资本
作者
Cheng Guo,Rong Huang,Zhaiting Yang,Stavros Sindakis,Sakshi Aggarwal
标识
DOI:10.1007/s13132-023-01109-y
摘要
With the constant increase in China’s stock pledge transactions, controlling shareholders’ equity pledges may result in inadequate investment, which government regulatory authorities, investors, and financial management departments should be aware of. Taking China’s A-share listed companies from 2013 to 2019 as a sample, this paper examines the impact of controlling shareholder pledge on equity capital cost. It is found that the equity capital cost of listed companies increases significantly after controlling shareholder pledge, and high-quality audit reports help reduce the influence of controlling shareholder pledge on it. In addition, the mechanism test shows that controlling shareholder pledge impacts the equity capital cost by reducing stock liquidity and increasing the tunneling behavior of large shareholders. Further research shows that under controlling shareholder pledges, improving the quality of information disclosure can help reduce the equity capital cost, while stock price risk can increase the equity capital cost.
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