Does Government Ownership Affect the Cost of Debt? Evidence from Privatization
Does Government Ownership Affect the Cost of Debt? Evidence from Privatization
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DOI：
10.2139/ssrn.996328
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发表时间：
2010-03
期刊：
影响因子：
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通讯作者：
Ginka Borisova;W. Megginson
中科院分区：
文献类型：
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作者：
Ginka Borisova;W. Megginson
我们探讨政府所有权是否会影响使用完全和部分私有化的公司样本的债务成本。平均而言，政府所有权每减少一个百分点，作为债务成本代理的信贷息差就会增加四分之三个基点。然而，完全私有化的公司比部分私有化的公司表现出较低的信贷利差，这表明漫长的私有化过程的成本。经验证据表明，这些发现的结果减少政府担保，公司业绩的改善，所有权的不确定性，和债券持有人股东冲突。作者2011。由牛津大学出版社代表金融研究学会出版。All rights reserved.如需咨询，请发送电子邮件至：journals.permissions@oup.com。北京：清华大学出版社.
We explore whether government ownership affects the cost of debt using a sample of fully and partially privatized companies. On average across firms, a one-percentage-point decrease in government ownership is associated with an increase in the credit spread, used as a proxy for the cost of debt, by three-quarters of a basis point. However, fully privatized companies exhibit lower credit spreads than partially privatized firms, indicating the cost of a lengthy privatization process. Empirical evidence suggests that these findings result from decreasing government guarantees, firm performance improvements, ownership uncertainty, and bondholder-shareholder conflicts. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.