成长性差异、信息披露与权益资本成本

Growth Difference, Information Disclosure and Cost of Equity Capital

本文研究成长性差异是否以及如何影响信息披露与权益资本成本之间的关系。实证结果表明成长性差异可以显著调节信息披露与权益资本成本之间的关系,利用分组回归分析法发现,高成长性上市公司信息披露水平越高,权益资本成本越低。进一步研究发现,在高成长性样本组中,非国有控股上市公司信息披露对权益资本成本的影响相对显著,而在低成长性样本组中,国有控股上市公司信息披露对权益资本成本的影响相对显著。在采用工具变量法和两阶段最小二乘法等(2SLS)进行一系列稳健性检验之后,上述结论仍然成立。本文的研究结论为上市公司和监管机构完善信息披露制度提供一定的启示。

This paper examines whether and how growth difference moderates the relationship between information disclosure and cost of equity capital. The empirical result shows that growth difference can significantly moderate the relationship between information disclosure and cost of equity capital. Using grouping regression analysis, we find that the higher the information disclosure level with higher growth listed companies, the lower the cost of equity capital. Further research finds that in the high-growth subsample group, the information disclosure has a more significant impact on the cost of equity capital in non-state-owned listed companies. In the low-growth subsample group, information disclosure has a greater significantly influence on the cost of equity capital in state-owned listed companies. After adopting a series of robustness tests such as instrumental variables method and two-stage least-squares method(2 SLS), the above conclusions are still valid. The conclusions of this paper provide some enlightenment for companies and regulatory agencies to improve information disclosure system.