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权益资本成本不仅取决于公司特征、公司治理等微观层面因素,还受到区域因素的影响和制约。本文选取2010年沪深股市两组非金融类A股上市公司样本,采用PEG模型度量权益资本成本,通过“东中西三大地带”、“八大经济区”两种区域划分下的协方差分析(ANCOVA)模型考察了区域因素与权益资本成本的关系。研究发现:区域因素显著影响权益资本成本;东部与中部、西部地带间的权益资本成本边际均值存在显著差异;长江中游与东部沿海、南部沿海地区间、大西南与东部沿海、南部沿海地区间的权益资本成本边际均值存在显著差异。
The cost of equity capital not only depends on the characteristics of the company, corporate governance and other micro-level factors, but also by the regional factors and constraints. This paper chooses two groups of non-financial A-share listed companies in Shanghai and Shenzhen Stock Exchanges in 2010 and uses the PEG model to measure the cost of equity capital, which is divided into two regions of “three major zones of east, west, east and west” and “eight major economic zones” The analysis of covariance (ANCOVA) model examines the relationship between regional factors and the cost of equity capital. The study found that: the regional factors significantly affect the cost of equity capital; the marginal mean of equity capital cost between the eastern and central and western regions is significantly different; the middle reaches of the Yangtze River and the eastern coast, the southern coastal areas, the Greater Southwest and eastern coastal areas, southern coastal areas There is a significant difference in the marginal mean of cost of equity capital.