中文摘要：

本文以中国237家非金融上市公司2004-2007年组成的平衡面板数据（共948个观察值）为研究样本，在控制相关变量的基础上，应用一系列GLS从政府关系、法律制度环境、金融市场发育程度和产品市场发育程度四个维度实证检验制度环境如何影响公司权益资本成本。实证结果表明，制度环境是影响权益资本成本的重要因素。具体而言：（1）政府关系与权益资本成本显著负相关；（2）法律制度环境与权益资本成本显著负相关；（3）金融市场发育程度与权益资本成本显著负相关；（4）产品市场发育程度与权益资本成本显著负相关。

英文摘要：

Controlling related variables, this paper adopts a sample of balanced panel data （948 observations in total） composed of 237 Chinese non-financial listed companies dated from 2004 to 2007, and applies a series of GLS to empirically examine how institutional environment affects a firm＇s capital cost in four dimensions including political connection, legal institutional environment, degree of financial market development and degree of product market development. The result shows that institutional environment is a key factor which affects the cost of equity capital. To be specific： （1） political connection is remarkably negatively related to capital cost; （2） legal institutional environment is notably negatively related to capital cost; （3） the degree of financial market development is significantly negatively related with the cost of equity capital; （4） the degree of product market development is notably negatively related with the cost of equity capital.