摘要
为了弥补我国中小企业信息披露与股权融资成本之间的关系研究不足,采用剩余收益模型计算事前(ex-ante)观念下的中小企业上市公司股权融资成本,通过建立多元回归模型发现,高质量的会计盈余信息可帮助中小企业降低股权融资成本,财务杠杆与中小企业的股权融资成本呈现高度正相关,中小企业规模与股权融资成本之间呈现出负相关关系.
To better understand the relationship between information disclosure and the cost of equity capital for small and medium-sized enterprises, the authors calculated the cost of equity capital using the residual income mod- el under the ex-ante concept. A multiple regression model was then established. It was found that earnings informa- tion may help the small and medium-sized enterprise to reduce the cost of equity capital. Significant positive correlation was seen between financial leverage and the small and medium-sized enterprise~ cost of equity capital. Negative correla- tion was seen between enterprise scale and the small and medium-sized enterprise＇s cost of equity capital.
出处
《哈尔滨工程大学学报》
EI
CAS
CSCD
北大核心
2010年第5期664-668,共5页
Journal of Harbin Engineering University
基金
国家自然科学基金资助项目(70972097)
关键词
中小企业
信息披露
股权融资成本
盈余质量
SME
information disclosure
cost of equity capital
surpluses quality
