摘 要
股权融资成本与企业信用评级的关系是现代金融研究中的重要议题，随着金融市场的发展和企业融资需求的增加，探究两者关系具有重要的理论意义和现实价值。本研究旨在深入剖析股权融资成本与企业信用评级之间的内在联系，基于中国A股上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证检验。研究发现，企业信用评级对股权融资成本有着显著影响，信用评级越高，股权融资成本越低，且这种影响在不同规模、不同行业属性的企业中存在异质性。对于规模较大、处于稳定发展行业的企业，信用评级对股权融资成本的影响更为明显。创新之处在于将企业生命周期纳入考量范围，发现成长期企业信用评级对股权融资成本的影响系数更大。
关键词：股权融资成本 企业信用评级 固定效应模型
Abstract
The relationship between equity financing cost and enterprise credit rating is an important issue in modern financial research. With the development of financial market and the increase of enterprise financing demand, it is of great theoretical significance and practical value to explore the relationship between the two. This study aims to deeply analyze the internal link between equity financing cost and corporate credit rating. Based on the panel data of Chinese A-share listed companies from 2010 to 2020, the fixed effect model is used for empirical testing. It is found that the enterprise credit rating has a significant impact on the cost of equity financing. The higher the credit rating, the lower the cost of equity financing, and the impact has heterogeneity among enterprises of different sizes and different industry attributes. For large enterprises in stable development industries, credit rating has a more obvious impact on equity financing costs. The innovation is to take the life cycle of enterprises into consideration, and find that the credit rating in the growth period has a greater impact on the cost of equity financing.
Keyword:Cost Of Equity Financing Corporate Credit Rating Fixed Effects Model
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2股权融资成本的影响因素分析 2
2.1宏观经济环境对股权融资成本的影响 2
2.2企业自身特征与股权融资成本的关系 3
2.3市场风险溢价对股权融资成本的作用 3
3企业信用评级的决定因素探讨 4
3.1信用评级机构的评估标准 4
3.2企业财务状况与信用评级的关联 5
3.3行业特性对信用评级的影响 5
4股权融资成本与企业信用评级关系实证研究 6
4.1研究假设提出 6
4.2实证模型构建与数据来源 7
4.3实证结果分析与讨论 7
结论 8
参考文献 9
致谢 10
股权融资成本与企业信用评级的关系是现代金融研究中的重要议题，随着金融市场的发展和企业融资需求的增加，探究两者关系具有重要的理论意义和现实价值。本研究旨在深入剖析股权融资成本与企业信用评级之间的内在联系，基于中国A股上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证检验。研究发现，企业信用评级对股权融资成本有着显著影响，信用评级越高，股权融资成本越低，且这种影响在不同规模、不同行业属性的企业中存在异质性。对于规模较大、处于稳定发展行业的企业，信用评级对股权融资成本的影响更为明显。创新之处在于将企业生命周期纳入考量范围，发现成长期企业信用评级对股权融资成本的影响系数更大。
关键词：股权融资成本 企业信用评级 固定效应模型
Abstract
The relationship between equity financing cost and enterprise credit rating is an important issue in modern financial research. With the development of financial market and the increase of enterprise financing demand, it is of great theoretical significance and practical value to explore the relationship between the two. This study aims to deeply analyze the internal link between equity financing cost and corporate credit rating. Based on the panel data of Chinese A-share listed companies from 2010 to 2020, the fixed effect model is used for empirical testing. It is found that the enterprise credit rating has a significant impact on the cost of equity financing. The higher the credit rating, the lower the cost of equity financing, and the impact has heterogeneity among enterprises of different sizes and different industry attributes. For large enterprises in stable development industries, credit rating has a more obvious impact on equity financing costs. The innovation is to take the life cycle of enterprises into consideration, and find that the credit rating in the growth period has a greater impact on the cost of equity financing.
Keyword:Cost Of Equity Financing Corporate Credit Rating Fixed Effects Model
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2股权融资成本的影响因素分析 2
2.1宏观经济环境对股权融资成本的影响 2
2.2企业自身特征与股权融资成本的关系 3
2.3市场风险溢价对股权融资成本的作用 3
3企业信用评级的决定因素探讨 4
3.1信用评级机构的评估标准 4
3.2企业财务状况与信用评级的关联 5
3.3行业特性对信用评级的影响 5
4股权融资成本与企业信用评级关系实证研究 6
4.1研究假设提出 6
4.2实证模型构建与数据来源 7
4.3实证结果分析与讨论 7
结论 8
参考文献 9
致谢 10
