公司治理、环境不确定性与债务资本成本

摘要

以2011—2014年深沪A股上市公司为研究对象，实证分析公司治理与环境不确定性对债务资本成本的影响，结果显示环境不确定性和债务资本成本显著正相关，这说明企业面临的外部环境不确定性越高，其所承担的债务资本成本也随之增加。同时，公司治理水平对环境不确定性与债务资本成本的关系具有一定的抑制作用。研究结果表明，高的公司治理水平可以在一定程度上缓解环境不确定性对债务资本成本的冲击。因此，提高公司治理水平具有必要性。%Taking Chinese A-share listed companies from 2011 to 2014 as sample,this paper makes an empirical analysis on whether environmental uncertainty and corporate governance can affect cost of debt capital. Empirical findings evidence that there is a positive correlation between environmental uncertainty and cost of debt capital,which means higher environmental uncertainty will lead to the rising of the cost of debt capital. Furthermore,we can find that companies with higher corporate governance level can restrict the positive correlation between environmental uncertainty and the cost of debt capital. Our results indicate that higher corporate governance level can help to relieve the debt pressure from environmental uncertainty. So,it is necessary to enhance the corporate governance level.