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標題: 中國上市公司政治關係與權益資金成本
Political Connections and the Cost of Equity Capital in China
作者: Joo-Chyang Lim
關鍵字: 政治關係;權益資金成本;Political Connections;Cost of Equity
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In this essay, I investigate the association between top executives political connections and the cost of equity capital using a sample of firms listed on Shanghai stock exchange. This essay finds that politically connected firms have a lower cost of equity capital than their non-connected counterparts, which is consistent with prior literature. I also find that when executives have been government officials, especially with higher ranks, the firms exhibit a lower cost of equity capital, especially lower for chairman with the higher ranks of civil servants and in larger firms. Moreover, my results suggest that the effect of political connections is stronger in larger firms regardless of types of ownership.
其他識別: U0005-1006201516525000
Rights: 不同意授權瀏覽/列印電子全文服務
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