环境不确定性、多元化经营与权益资本成本

摘要

Based on the data from year 2009 to year 2012 of A-share listed companies,the em-pirical result show that when environmental uncertainty is higher,the company's cost of equity capital is also higher.At the same time,under the background of high environmental uncertain-ty,diversified operations will help to alleviate a positive correlation between environmental uncer-tainty and the cost of equity capital;furthermore,for the state holding enterprises,diversified operations can more significantly reduce the agency problem caused by the uncertainty of the envi-ronment.If the company is located in region with low degree of government intervention,this positive relationship is more significant yet with bigger effect.%以2009~2012年我国 A 股上市公司为研究样本，检验环境不确定性及多元化经营对公司权益资本成本的影响。研究发现，环境不确定性越高则公司的权益资本成本也越高，同时在高环境不确定性背景下，多元化经营将有助于缓解环境不确定性与权益资本成本之间的正相关关系；进一步，对于政府控制公司，多元化经营能够更显著地降低环境不确定性所导致的代理问题，并且若其所处地区政府干预程度较低，则多元化经营缓解环境不确定性与权益资本成本之间正相关关系的作用越大。