Institutional Investors Shareholding and Equity Cost--Empirical Evidence from Chinese Security Market

摘要：

Corporate equity cost can represent the level of corporate proxy cost efficiently. The paper studied the impact of institutional investor shareholding on corporate governance by equity cost. The empirical result verifies that when controlling corporate size, there is a highly notable negative relation between institutional investors shareholding and corporate systematic risk, institutional investors shareholding and corporate equity cost, thus verifies that as institutional investors have advantage in size, information and personnel, they can monitor corporate efficiently, thus decrease proxy cost, corporate systematic risk and equity cost.

关键词： Institutional investor corporate governance corporate systematic risk equity costs

作者: FAN Haifeng HU Yuming

作者单位: Management School, Jinan University, Guangzhou, P.R. China, 510632 Economic and Management School, N Management School, Jinan University, Guangzhou, P.R. China, 510632

会议类型: 国际会议

会议名称: The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)

会议地点: 天津

会议语种:英文

页码: 465-470

在线出版日期: 2009-09-01（万方平台首次上网日期，不代表论文的发表时间）