题目：Understanding the Effects of Alternative Cost-of-Equity Proxies on Corporate Investment and Financing
报告人：吴锴 中央财经大学金融学院助理教授
报告时间：2019年5月7日（周二）下午14：00
地点：国际经管学院315会议室（诚明楼三层）
主办方：国际经济管理学院

摘要：Previous research shows that the implied cost of capital (factor model-based estimates for the cost of equity) have a negative (positive) effect on investment. Our paper documents that these alternative cost-of-equity proxies also have opposite effects on external financing activities. We show that the ICC has negative effects on investment and external financing by capturing the firm-specific discount rate news, whereas the factor model-based proxies has positive effects on these decisions by capturing the cash flow news. Furthermore, the negative effects of the ICC are more pronounced for firms with high private information and equity dependence, whereas the positive effects of the factor model-based estimates are more pronounced for firms with low private information and equity dependence.  Thus, the opposite effects of the cost-of-equity proxies can be explained by their distinctive information contents.

摘要：先前的研究表明，隐含的资本成本（基于因子模型的股权成本估计）对投资有负面（正面）影响。 我们的论文发现了这些替代的股权成本代理对外部融资活动也有相反的影响。 我们表明，ICC 通过捕捉公司特定的贴现率新闻对投资和外部融资产生负面影响，而基于因子模型的代理通过捕捉现金流新闻对这些决策产生积极影响。 此外，ICC 的负面影响对于私人信息和股权依赖程度较高的公司更为明显，而基于因子模型的估计的积极影响对于私人信息和股权依赖程度较低的公司更为明显。 因此，权益成本代理的相反效果可以通过它们独特的信息内容来解释。