中小企业信息披露与股权融资成本关系研究

以深交所中小板上市公司为样本，以贝塔值、换手率、收益标准差为股票风险变量，通过考察中小企业信息披露质量与股票风险变量之间的关系，间接研究信息披露质量与股权融资成本的关系。研究发现，信息披露质量与三个风险变量均呈现出负相关关系，中小企业的规模与信息披露质量呈现出正相关关系。

Relationship between Information Disclosure in SMEs and Cost of Equity Capital

In this paper,our samples are SMEs that listed on Shenzhen Stock Exchange.We chose Beta,turnover,income and standard deviation as equity risk variables.By examining the relationship between SME information disclosure quality and equity risk variables,we study the relationship between them indirectly.The study found that,information disclosure quality of SMEs and the three risk variables show negative correlations,the scale of SMEs and their information disclosure quality show positive correlations.