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本文从我国证券市场的特点和上市公司治理结构的特点出发,分析了在股权分置下和存在控股股东对中小股东的利益侵占时股权融资活动对控股股东股权价值的影响,然后对融资成本的定义进行拓展,计量出我国上市公司控股股东的股权融资成本和债务融资成本,指出控股股东的股权融资成本远远低于其债务融资成本是我国上市公司存在强烈股权融资偏好的重要原因。
Based on the characteristics of the securities market and the characteristics of the governance structure of listed companies, this paper analyzes the impact of equity financing activities on the controlling shareholder’s equity value under the split share structure and the existence of the controlling shareholder’s interest in the minority shareholders, and then analyzes the impact of financing cost Definition, we can measure the equity financing cost and the debt financing cost of the controlling shareholders of listed companies in our country. It is pointed out that the controlling shareholder’s equity financing cost is much lower than the debt financing cost, which is the important reason why the listed companies in our country have strong equity financing preference.