Abstract:  Using data of 984 corporate bonds issued by 503 listed companies over the recent decade, this paper empirically explores the influence of equity structure and ownership on bond financing cost. We find that the bond financing cost is positively correlated with equity concentration, while negatively correlated with equity restriction. Further examination finds that the impact of equity structure on bond financing cost is more significant in private companies than in stateowned companies, indicating a moderating role of ownership. This paper enriches the theory of corporate bond pricing, provides beneficial enlightenment for bond issuers to reduce bond financing cost, for bond investors to evaluate bond investment risks, and for government departments to improve bond market supervision.

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关键词: 债券融资 , 股权结构 , 产权性质 , 债券融资成本