摘要
本文以深圳证券市场A股上市公司为样本,研究中国上市公司的信息披露质量是否会对其股权融资成本产生影响。我们采用剩余收益模型计算上市公司的股权融资成本,分别以披露总体质量与盈余披露质量指标反映上市公司的信息披露质量。研究发现,在控制β系数、公司规模、账面市值比、杠杆率、资产周转率等因素的条件下,信息披露质量较高的样本公司边际股权融资成本较低,这说明我国上市公司的信息披露质量会对其股权融资成本产生积极影响。研究还发现,盈余平滑度和披露总体质量是影响样本公司股权融资成本的主要信息披露质量特征。最后基于上述发现提出了若干政策建议。
This paper studies the influence of disclosure quality on the cost of equity capital using Chinese listed companies in Shenzhen stock market as research sample. We choose residual income model to measure the cost of equity capital, and construct some index to represent the total disclosure quality and earnings disclosure quality of Chinese listed companies. Our analysis shows that for the sample of listed companies which can conduct seasoned equity offerings in stock market, there is a negative relationship between disclosure quality and marginal cost of equity capital controlling β, company scale, B/M, leverage and asset turnover. Which means that disclosure quality will influence the cost of equity capital in Chinese stock market. Besides, our analysis shows that earnings smoothness and total disclosure quality are the main influence factors on the cost of equity capital. Finally, we propose some policy implications.
出处
《经济研究》
CSSCI
北大核心
2006年第2期69-79,91,共12页
Economic Research Journal
基金
国家自然科学基金项目(批准号:70272003和70532002)资助
关键词
信息披露质量
股权融资成本
披露总体质量
盈余披露质量
盈余平滑度
Disclosure Quality
Marginal Cost of Equity Capital
Total Disclosure Quality
Earnings Disclosure Quality
Earnings Smoothness
