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在公司财务实践中,债务资本成本不仅仅取决于投资风险的大小,还会受到大股东性质以及股权集中度的影响。尤其是在中国公司中,由于特定的社会政治背景,国有控股及其控股比例会对公司风险、公司治理等产生极大的影响,进而影响到债务资本成本的高低及其波动。数据显示,国有控股有助于中国公司债务资本成本水平的下降,且国有大股东的持股比例与债务资本成本之间呈现U型变化。数据没有显示中国上市公司存在严重的债务资本成本“高企”现象。
In the company’s financial practice, the cost of debt capital not only depends on the size of the investment risk, but also by the nature of the major shareholders and equity concentration effect. Especially in Chinese companies, due to the specific social and political background, the state-owned shareholding and its holding ratio will greatly affect corporate risk and corporate governance, which in turn will affect the cost and volatility of the cost of debt capital. The data show that state-controlled holdings can help reduce the cost of debt capital in Chinese companies and show a U-shaped change between the shareholding of state-owned major shareholders and the cost of debt capital. The data do not show that Chinese listed companies have serious debt capital costs “high”.