| The study of the factors affecting the cost of equity capital is to help the enterprises to reduce the cost of financing and to maintain the competitive advantage.It is also the requirement to promote the process of the supply side reform.In order to reduce the cost of equity capital and the requirement of the equity investors to measure the return of the necessary investment,the enterprise needs to calculate the equity capital cost and analysis its influencing factors.On the basis of the existing research,this paper studies 3 issues,whether the supply side reform can effectively reduce the cost of equity capital,whether the heterogeneous property rights affect the effect of the supply side reform on the cost of equity capital,whether the size of the enterprise affects the effect of the supply side reform on the cost of equity capital.Discusses the optimal measurement model and influencing factors of cost of equity capital under the supply side reform.This paper selects the Gordon growth model(GGM),the residual income model(GLS)and the abnormal earnings growth model(PEG)as the econometric model of the cost of equity capital on the basis of the existing literature research.The empirical analysis verifies the three hypotheses in turn,and continues to use the multivariate regression analysis on the basis of the single variable regression analysis.In this paper,the cost of equity capital is discussed and the cost multi factor model of equity capital,which is generally applicable under the full sample data,is explored.First,whether the cost of equity capital is reduced after the policy of supply side reform is promulgated,and then the factors affecting the cost of equity capital are divided into groups to discuss the heterogeneity of property rights and the size of different companies whether the influence of the supply side reform policy on the cost of equity capital is different.The results of this study show that:(1)the reform of the supply side has been effective,and the cost of equity capital is lower after the reform than before.(2)the effect of the supply side reform on the cost of equity capital under the heterogeneous property rights is different.Compared with the non central holding enterprise group,the supply side reform of the central holding enterprise group has more significant influence on the cost of equity capital.(3)the effect of the supply side reform on the cost of equity capital under the scale of different enterprises is different.Compared with the small scale enterprise group,the supply side reform of the large-scale enterprise group has more significant influence on the cost of equity capital.(4)compared with the western regional group,the supply side reform in the Middle East region has a more significant impact on the cost of equity capital.(5)compared with the low growth enterprise group,the growth side of the high growth group has more significant impact on the cost of equity capital.(6)compared with low financial risk enterprise group,the high financial risk enterprise group supply side reform has more significant impact on the cost of equity capital.(7)compared with the low risk business group,the influence of the supply side reform on the cost of equity capital is more significant.The possible innovations in this paper are as follows:(1)it enriches the theoretical basis for the analysis of the effect of the supply side reform policy on the cost of equity capital,and complements the research on the impact of the policy of supply side reform on the cost of equity capital.(2)through empirical analysis,a suitable measurement model is selected to study the effectiveness of the supply side reform policy in the microcosmic reduction of the cost of equity capital,and provide evidence to support the supply side reform policy to reduce the initial results of the cost of equity capital,and the effect is consistent with the original intention of the policy promulgation. |
