|
所属专题: 公司财务专题——资本结构
Government ownership and the cost of debt
Kun Wang
Research School of Accounting & Business Information Systems, The Australian National University
Greg Shailer
Research School of Accounting & Business Information Systems, The Australian National University
Dan S. Dhaliwal
Department of Accounting, University of Arizona
更新时间:2014-01-14
摘要:
This study investigates the impact of ultimate government ownership or control on the
cost of debt ...
点击查看摘要全文
This study investigates the impact of ultimate government ownership or control on the
cost of debt of Chinese listed corporations. We first examine the relative level of cost of debt
of corporations under government control compared to corporations under individual or family
control. We then explore circumstances under which government control is likely to reduce a
corporation’s cost of financing. Our results suggest that the benefits of government control are
conditional on firm-specific financial circumstances and internal- and external-corporate
governance environment. We find that, on average, government controlled corporations have
lower cost of debt but the effect is not homogeneous. Government controlled corporations have
lower cost of debt when they are highly financially constrained and have higher risk of being
expropriated by controlling shareholders and in provinces where the local government is less
effective, but not otherwise.
点击收拢摘要全文
关键字: Private ownership, Government ownership, cost of debt, corporate governance
论文类型:
工作论文
|
|