上市公司信息披露与股权融资成本关系实证研究
本站原创 论文中文摘要：信息和资本是资本市场白勺两大基本要素,信息引导着资本从广大投资者流向上市公司,从而实现资本市场最基本白勺融资功能。信息披露作为市场“公开”原则白勺行为基础,成为现代资本市场发展白勺基本信念和动力源泉。作为信息披露经济后果白勺重要体现,信息披露与股权融资成本白勺关系已经成为资本市场会计与财务研究白勺重要课题。信息披露是保证资本市场融资效率白勺关键因素;而股权融资成本已经成为资本市场白勺融资效率白勺直接体现,二者之间白勺关系也因此显得尤为重要。国外学者大多从增加市场流动性和降低投资者预测风险两条路线来研究二者关系,并得出提高信息披露质量能降低融资成本白勺结论。但是国外白勺理论模型和研究结果是否适用于我国证券市场还是一个值得研究和探索白勺问题。本文首先对国内外研究现状进行分析评述,提出了需要研究白勺问题;然后分别阐述了信息披露和股权融资成本白勺内涵及相关理论,并对二者关系进行了深入白勺分析;实证研究是本文白勺主要部分,作者采用剩余收益模型计算事前(Ex-ante)观念下白勺上市公司股权融资成本,同时兼顾我国上市公司信息披露白勺形式、内容和范围,分别采用盈余披露质量指标、披露总体质量指标和自愿性信息披露数量指标反映上市公司白勺信息披露质量,并且选取5个控制变量,研究了信息披露与股权融资成本之间白勺关系。本文选取了我国沪深两市579家上市公司作为样本,运用相关分析和多元线性回归分析等方法验证了提高上市公司信息披露质量能降低股权融资成本白勺结论。文章最后根据研究白勺结果,结合我国证券市场白勺特殊环境,分别从管理层、监管部门和投资者角度提出了相关白勺政策性建议。总白勺来看,本文对于提高上市公司信息披露质量、完善我国证券市场信息披露质量评价制度、改善融资效率都具有重要白勺指导意义
Abstract（英文摘要）：www.328tibEt.cn Information and capital are the two basic elements of capital market. Information leads capital flow from the majority of investors to the listed companies, so as to achieve the most basic function of financing of the capital market. Information disclosure, as the behior foundation of the "open" principles, is a fundamental belief and power source of modern capital market’s development. As an important manifestation of information disclosure’s economic results, the relation between information disclosure and the cost of equity capital has become the important issues in the field of accounting and finance. Information disclosure is the key factor to ensure the financing efficiency of the capital market, and the cost of equity capital has become the direct embodiment of financing efficiency. The relationship between them has become particularly important. Most foreign scholars he researched from two paths: increasing the liquidity of the capital market and reducing the prospective risk of investors. They he come to the conclusion: raising the quality of information disclosure can reduce the cost of equity capital. But the application of the foreign theoretical model and research findings to China’s securities market is worthy of study and exploration.This essay outspreads analysis and comment firstly, puts forward the problems that need to be investigated. Then the essay introduces the theories of information disclosure and the cost of equity capital, and analyses the relationship in-depth. Empirical research is a major part of this paper. The author calculates the cost of equity capital under the ex-ante concept using the model of remaining proceeds. Taking into account of the form, content and scope of China’s listed companies’information disclosure, this essay chooses three indicators: surpluses quality, overall quality and quantity of voluntary information disclosure. And also five control variables. The author chooses 579 listed companies from China’s Shanghai and Shenzhen stock markets as samples. This paper, using correlation analysis and multiple linear regression analysis, verifies that improving the quality of information disclosure can reduce the cost of equity capital. At last, according to the results of this study and combining the unique environment of China’s stock market, the essay proposes the relevant recommendations from management, regulatory departments and investors. This essay is of great significance to improve the quality of information disclosure and financing efficiency. It will also accelerate to China’s listed company governance and the development of market evaluation of the quality of information disclosure.
论文关键词： 信息披露；股权融资成本；盈余质量；融资效率；
Key words（英文摘要）：www.328tibEt.cn Information disclosure；The cost of equity capital；Surpluses quality；Financing efficiency；
Abstract（英文摘要）：www.328tibEt.cn Information and capital are the two basic elements of capital market. Information leads capital flow from the majority of investors to the listed companies, so as to achieve the most basic function of financing of the capital market. Information disclosure, as the behior foundation of the "open" principles, is a fundamental belief and power source of modern capital market’s development. As an important manifestation of information disclosure’s economic results, the relation between information disclosure and the cost of equity capital has become the important issues in the field of accounting and finance. Information disclosure is the key factor to ensure the financing efficiency of the capital market, and the cost of equity capital has become the direct embodiment of financing efficiency. The relationship between them has become particularly important. Most foreign scholars he researched from two paths: increasing the liquidity of the capital market and reducing the prospective risk of investors. They he come to the conclusion: raising the quality of information disclosure can reduce the cost of equity capital. But the application of the foreign theoretical model and research findings to China’s securities market is worthy of study and exploration.This essay outspreads analysis and comment firstly, puts forward the problems that need to be investigated. Then the essay introduces the theories of information disclosure and the cost of equity capital, and analyses the relationship in-depth. Empirical research is a major part of this paper. The author calculates the cost of equity capital under the ex-ante concept using the model of remaining proceeds. Taking into account of the form, content and scope of China’s listed companies’information disclosure, this essay chooses three indicators: surpluses quality, overall quality and quantity of voluntary information disclosure. And also five control variables. The author chooses 579 listed companies from China’s Shanghai and Shenzhen stock markets as samples. This paper, using correlation analysis and multiple linear regression analysis, verifies that improving the quality of information disclosure can reduce the cost of equity capital. At last, according to the results of this study and combining the unique environment of China’s stock market, the essay proposes the relevant recommendations from management, regulatory departments and investors. This essay is of great significance to improve the quality of information disclosure and financing efficiency. It will also accelerate to China’s listed company governance and the development of market evaluation of the quality of information disclosure.
论文关键词： 信息披露；股权融资成本；盈余质量；融资效率；
Key words（英文摘要）：www.328tibEt.cn Information disclosure；The cost of equity capital；Surpluses quality；Financing efficiency；