中国上市公司资本成本和资本结构实证分析

采用深沪股市1999－2000年的相应数据,在考虑了“资产重组”这一因素后,对样本进行筛选,运用实证研究的方法,对资本成本与资本结构的关系进行了横截面分析,在研究中,鉴于短期债务在我国的特殊性,分别考察了长期财务杠杆和短期财务工作对资本成本的影响,并得出以下几点分析结论：长期财务杠杆对权益资本成本和加权资本成本的影响不显著,短期财务杠杆与权益资本成本和加权平均资本成本显著正相关,企业规模对权益资本成本和加权平均资本成本有显著的正面影响。

The relationship between capital cost and capital structure in Chinese listed corporation

Based on the data (1999,2000) from Shenzhen and Shanghai stock market, the samples were selected to avoid the influence of "capital reconstruction". The relation between capital cost and capital structure was analyzed by cross sectional method. In consideration of the specialties of short time debts, the influence of long time financial leverage and its short time financial leverage on capital cost was studied It was indicated that long time financial leverage has no evident influence on equity cost and weighted average cost of capital; short time financial leverage has positive correlation with equity cost and weighted average cost of capital; the scale of corporation has positive correlation with equity cost and weighted average cost of capital.