信息披露、透明度与资本成本

信息披露对公司权益资本成本影响的研究对上市公司与监管机构都有着非常深刻的意义 ,然而披露水平与权益资本成本之间的联系往往并不明确 ,特别是在发展中国家。本文运用 2 0 0 2年前在上海证券交易所上市的 51 6家公司数据 ,检验了上市公司权益资本成本与其自愿披露水平的关系。在控制了公司规模与财务风险变量之后 ,本文结论显示 :上市公司信息披露水平的提高有助于降低公司的权益资本成本

Information Disclosure,Transparency and the Cost of Capital

The study on the effect of information disclosure level on the cost of equity capital is a matter of considerable interest and importance to the public companies and supervisor,however,the association between disclosure level and cost of capital is not well established and has been difficult to quantify,which is more evident in the developing countries especially. In this paper,we examine the association between the cost of equity capital and voluntary disclosure level by using firm level data of 516 public companies listed in the SSE before 2002. The results suggest that greater disclosure is associated with a lower cost of equity capital after controlling for firm size and financial risk.