中文摘要：

本文首先在基于产出的资产定价模型（PCAPM）框架下建立了政府投资影响公司融资成本的理论模型，证明了政府投资究竟增加还是降低了企业融资成本（WACC）取决于政府投资是提高还是降低公司的产出资本比。其次，利用我国1999—2013年省级面板数据分析了地方政府投资如何影响上市公司融资成本，实证结果表明：地方政府投资总体上减少了公司的产出资本比，进而降低了企业融资成本。

英文摘要：

Based on the production based asset pricing model （PCAPM）, we propose a theoretical model to investigate how the government investment will affect the financing costs of listed finns, we show that the government investment will affect the output capital ratio, and then affect the financing costs of finns. With the 1999-2013 provincial panel data, we find empirically that the local government investment has reduced the output capital ratio, and then reduced the financing costs.