【摘要】 本文以2008-2017年中国A股上市公司为研究样本,考察股价崩盘风险对企业资本成本的影响。研究发现:(1)股价崩盘风险会显著增加企业的权益资本成本和债务资本成本,且股价崩盘风险对权益资本成本的影响更加显著;(2)股价崩盘风险与企业资本成本间的正向关系在非国有企业中更加显著;(3)进一步的中介效应检验发现,股价崩盘风险带来的公司价值降低以及破产概率的上升是引起资本成本增加的原因之一。更多还原

【Abstract】 Based on the samples of China’s A-share listed companies during 2008-2017, the authors of this paper analyze the impacts of stock price crash on corporate capital cost. It’s found that:(1) the stock price crash risk will increase the costs of both equity capital and debt capital, more significantly for equity capital;(2) the positive relationship between stock price crash risk and corporate capital cost is more significant in non-state-owned enterprises;(3) the mediation effect test shows that the decreasing company value and the increasing bankruptcy probability due to the stock price crash risk are reasons for the increasing capital cost.更多还原