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本文选取电力行业A股上市公司作为研究对象,研究发现,电力行业中子公司自主性的提升有助于强化其股权融资能力,降低股权融资成本。同时,企业绩效成长性作为子公司自主性积极治理效应的有效信号,在子公司自主性对于股权融资成本的积极治理效应中发挥着中介作用,即具有一定自主性的子公司可以凭借绩效成长性获得集团母公司和资本市场的认可。
This paper selects the A-share listed companies in the power industry as the research object. It is found that the improvement of autonomy of the subsidiaries in the power industry helps to strengthen its equity financing ability and reduce the financing cost of equity. At the same time, as an effective signal of the positive governance effect of subsidiary autonomy, the growth of firm performance plays an intermediary role in the positive governance effect of subsidiary autonomy on the equity financing cost. That is, a subsidiary with certain autonomy can rely on the performance growth Access to the parent company and the capital market recognized.