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制度环境对权益资本成本的影响越来越受到关注,以往研究主要集中在信息披露以及法律制度建设方面。本文直接从宏观制度环境角度研究影响资产定价的基本因素,指出市场化改革会提升企业运营效率、改善业绩、增强管理层激励以及公司治理水平,从而降低权益资本成本。进一步,我们发现,相比非国有企业,国有产权会减弱市场化改革的作用,并且市场化改革可以看作是公司治理的一个外部补充机制。此外,本文用产品市场竞争程度作为市场化改革的替代变量进行了稳健性测试,发现产品市场竞争程度越高,企业的权益资本成本越低,进一步证实了市场化改革会降低权益资本成本。
The impact of institutional environment on the cost of equity capital is receiving more and more attention. Previous studies mainly focused on information disclosure and legal system construction. This paper studies the basic factors affecting asset pricing directly from the perspective of macroeconomic institutional environment. It points out that market-oriented reforms will improve the operational efficiency of enterprises, improve performance, enhance management incentives and corporate governance, and thus lower the cost of equity capital. Further, we find that compared with non-state-owned enterprises, state-owned property rights will weaken the role of market-oriented reforms and market-oriented reforms can be regarded as an external supplement to corporate governance. In addition, this paper uses the degree of product market competition as a substitute for market-oriented reforms to conduct a robustness test. It is found that the higher the degree of competition in the product market, the lower the cost of equity capital of the enterprise, further confirms that market-oriented reforms will lower the cost of equity capital.