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本文以我国深圳与上海证券市场连续四年具有配股资格的A股上市公司为对象,采用剩余收益模型计算权益融资成本,采用独立董事比例、两职合一虚拟变量和董事会超额控制系数作为衡量董事会独立性的指标,在控制了β系数、公司规模、账面市值比、杠杆率、资产周转率和资产收益率等因素后,研究发现提高董事会独立性对降低上市公司权益融资成本会产生积极影响。因此本文研究认为董事会独立性有利于提高上市公司的权益融资效率。
This paper takes the A-share listed companies that have rights of share placement for four consecutive years in Shenzhen and Shanghai stock market as the object, and calculates the cost of equity financing by using the residual income model. Using the proportion of independent directors, the two-person combined one dummy and the excess control coefficient of the board of directors as the measure of board of directors After controlling such factors as β coefficient, company size, book-to-market ratio, leverage ratio, asset turnover rate and return on assets, this study finds that increasing the independence of the board of directors has a positive impact on the cost of equity financing for listed companies. Therefore, this study finds that the independence of the board of directors is conducive to raising the efficiency of equity financing of listed companies.