2011年，二十國集團（G20）呼籲金融穩定理事會（FSB）提供針對全球法人機構識別碼（Legal Entity Identifier，簡稱LEI）和一個支持性治理結構的建議。全球LEI體系應運而生，通過發放全球LEI，為全球參與金融交易的法人機構提供唯一識別碼。本研究以美國2015年至2017年的上市公司為樣本，採用COMPUSTAT、CRSP、IBES和GLEIF網站LEI數據集的數據資料，探討公司申請法人機構識別碼對權益資金成本的影響。本研究後續分別以分析師預測、系統性風險及金融產業作為調節變數，實證結果顯示：（1）公司申請法人機構識別碼會降低公司的權益資金成本（2）在其他條件不變之下，有更多分析師預測，會減弱申請法人機構識別碼與權益資金成本的負向關係；（3）在其他條件不變之下，公司系統性風險愈大，會減弱申請法人機構識別碼與權益資金成本的負向關係；（4）在其他條件不變之下，相較於非金融產業，金融產業申請法人機構識別碼對權益資金成本的負向影響效果更強。;In 2011, the Group of Twenty (G20) called on the Financial Stability Board (FSB) to provide recommendations for a global Legal Entity Identifier (LEI) and a supporting governance structure. This led to the development of the Global LEI System which, through the issuance of LEIs, now provides unique identification of legal entities participating in international financial transactions. This study takes the listed companies from 2015 to 2017 in the United States as samples, and uses the data from the GLEIF websites, COMPUSTAT, CRSP and IBES to explore the impact of enterprises application of LEI on the cost of equity capital. The empirical results show that: (1) enterprises that apply for LEI have lower cost of equity capital; (2) all other things being equal, the negative association between having a LEI and the cost of equity capital is weaker with more analysts following the firm; (3) all other things being equal, the greater the systematic risk, the weaker the negative association between having a LEI and the cost of equity capital is; (4) all other things being equal, the negative association between having a LEI and cost of equity capital is stronger for enterprises in the financial industry than for those in non-financial industries.
