| 信息披露质量影响股权融资成本的路径研究——来自深圳证券市场的经验证据 |
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| 引用本文： | 周冬华.信息披露质量影响股权融资成本的路径研究——来自深圳证券市场的经验证据[J].广东商学院学报,2011,26(4). |
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| 作者姓名： | 周冬华 |
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| 作者单位： | 江西财经大学会计学院,江西南昌,330013 |
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| 摘 要： | 信息披露质量影响股权融资成本存在间接和直接两条路径,其对股权融资成本的影响方向并不一致。信息披露质量通过提高股票流动性从而间接降低股权融资成本;但在控制了股票流动性后,高质量的信息披露相应地提高了公司股权融资成本。因此,信息披露质量对股权融资成本的影响程度和方向取决于两条路径的影响力度。
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| 关 键 词： | 信息披露质量 股票流动性 股权融资成本 影响路径 |
The Impact Path of Information Disclosure Quality on the Cost of Equity Capital:An Empirical Evidence from Shenzhen Securities Market |
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| ZHOU Dong-hua.The Impact Path of Information Disclosure Quality on the Cost of Equity Capital:An Empirical Evidence from Shenzhen Securities Market[J].Journal of Guangdong Business College,2011,26(4). |
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| Authors: | ZHOU Dong-hua |
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| Institution: | ZHOU Dong-hua(School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013,China) |
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| Abstract: | There are indirect and direct impact paths of information disclosure quality on the cost of equity capital,but these two impact paths are different.The improvement of information disclosure quality will decrease the cost of equity capital through improving the stock liquidity;but after controlling the stock liquidity,the improvement of information disclosure quality will increase the cost of equity capital directly.Therefore,the impact of information disclosure quality on the cost of equity capital depends ... |
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| Keywords: | information disclosure quality stock liquidity the cost of equity capital impact path |
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