信息披露质量对股权融资成本影响的时间趋势——基于熵权测度的我国上市公司的实证研究  

Time Trend of the Effect the Information Disclosure Quality on the Cost of Equity Capital——An Empirical Study Based on Entropy Measuring of Chinese Listed Companies

作　　者：杨红[1] 杨淑娥[2] 张鹏 

机构地区：[1]长安大学经济与管理学院,陕西西安710064 [2]上海对外贸易学院金融管理学院,上海200336 [3]陕西地方电力(集团)有限公司,陕西西安710061

出　　处：《山西财经大学学报》2012年第12期68-82,共15页Journal of Shanxi University of Finance and Economics

基　　金：长安大学人文社会科学基金项目(0902)

摘　　要：基于对经济时间轴的延伸分析和熵权测度方法,实证研究了信息披露质量对股权融资成本影响的时间特征,结果表明,上市公司信息披露质量与当期的股权融资成本不相关,与其后第一期(下期)、第二期的股权融资成本负相关。稳定性研究还发现,上市公司信息披露质量与当期股权融资成本不相关的结论在样本较少的情况下稳定性不高,而与其后第一期(下期)、第二期股权融资成本负相关的结论具有较强的稳定性。Based on the extended analysis of the economic time line and the entropy measuring,this paper makes an empirical analysis about the time trend of the effect the information disclosure quality on the cost of equity capital.The study finds that the current information disclosure quality is not relevant with its current cost of equity capital but are significantly relevant with its next first,second stages cost of equity capital and the signs are all negative.The stability test also suggests that the current information disclosure quality is not relevant with its current cost of equity capital but this relationship is unstable in smaller samples circumstances while is significantly relevant with its next first,second stages cost of equity capital and these negative relationships have strong stability.

关 键 词：信息披露质量 股权融资成本 时间趋势 熵权评价法 

分 类 号：F23[经济管理—会计学] F832[经济管理—国民经济]