信息披露、收益不透明度与权益资本成本

Information Disclosure,Income Opacity and the Cost of Equity Capital

本文以1993年至2001年间我国证券市场进行股权再融资的上市公司为样本,深入考察我国证券市场上市公司信息披露质量与公司权益资本成本的关系。结果表明,在控制其他一些影响因素之后,上市公司信息披露质量与公司权益资本成本呈显著的负相关关系;对上市公司而言,提高信息披露的质量有助于降低公司的权益资本成本。同时,本文还发现,上市公司权益资本成本不仅受到前一年信息披露质量的影响,还受到前四年信息披露质量的影响。所以,上市公司管理者为了降低公司再融资的权益资本成本,应该持之以恒地致力于保持较高的信息披露质量。

In this paper, we examine the association between the cost of equity capital and the information disclosure quality by a sample of equilty issues during the period of 1993-2001 in China. The results of empirical investigation suggest that the higher information disclosure quality is associated with a lower cost of equity capital after controlling some factors. And we also find that the cost of equity capital is affected significantly by the average information disclosure quality three years before issuing rather than the information disclosure quality one year before issuing.