[1]刘佳慧.企业投资对加权资本成本的敏感性研究——基于医药行业的实证分析[J].金融教育研究,2018,(04):29-33.
　LIU Jiahui.Study on the Sensitivity of Enterprise Investment to Weighted Capital Cost——Based on the Empirical Analysis of the Pharmaceutical Industry[J].,2018,(04):29-33.
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企业投资对加权资本成本的敏感性研究——基于医药行业的实证分析()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2018年04期
页码:
29-33
栏目:
出版日期:
2018-08-20

文章信息/Info

Title:
Study on the Sensitivity of Enterprise Investment to Weighted Capital Cost——Based on the Empirical Analysis of the Pharmaceutical Industry
文章编号:
2095-0098(2018)04-0029-05
作者:
刘佳慧
河北经贸大学 金融学院,河北 石家庄 050061
Author(s):
LIU Jiahui
School of Finance,Hebei University of Economics and Business,Shijiazhuang,Hebei 050061,China
关键词:
企业投资;  隐含资本成本;  加权资本成本;  产权制度
Keywords:
enterprise investment;  implied capital costs;  weighted capital cost;  property rights system
分类号:
F832.51
文献标志码:
A
摘要:
文章以2008-2016年医药行业上市公司数据为样本,利用GMM动态面板模型对企业投资的加权资本成本敏感性进行实证。结果表明:股权融资成本采用资产定价模型时,企业投资对加权资本成本的敏感性显著为正,采用隐含资本成本模型时,企业投资对加权资本成本的敏感性显著为负; 不同产权约束下,民营企业投资对加权资本成本的敏感性显著高于国有控股企业。
Abstract:
Based on the data of listed companies in the pharmaceutical industry from 2008 to 2016,by using GMM dynamic panel model,this paper makes an empirical study on the sensitivity of enterprise investment to weighted capital cost.The results show that:when equity financing cost adopts asset pricing model,the sensitivity of enterprise investment to weighted capital cost is significantly positive; and when adopting the implied capital cost model,the sensitivity of enterprise investment to weighted capital cost is significantly negative; under different property rights constraints,the sensitivity of private enterprise investment to weighted capital cost is significantly higher than that of state-owned holding enterprises.

参考文献/References:

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[8]韩鹏飞,胡奕明.政府隐性担保一定能降低债券的融资成本吗?——关于国有企业和地方融资平台债券的实证研究[J].金融研究,2015(3):116-130.

备注/Memo

备注/Memo:
收稿日期:2018-05-02
作者简介:刘佳慧(1992-),女,满族,硕士研究生,研究方向为资本市场。
更新日期/Last Update: 2018-08-20