上市公司信息披露质量与股权资本成本关系研究——来自深圳证券交易所2007年至2011年A股上市公司的经验证据  

An Empirical Research on the Relationship between the Quality of Information Disclosure of Listed Companies and the Cost of Equity Capital

作　　者：胡海川[1] 张心灵[1] 

机构地区：[1]内蒙古农业大学经济管理学院,内蒙古呼和浩特010019

出　　处：《财会通讯（下）》2013年第11期57-60,共4页Communication of Finance and Accounting

基　　金：内蒙古自然基金项目"农业类上市公司生物资产信息披露研究"(项目编号:2012MS1010)的阶段性成果

摘　　要：本文以2007年至-2011年我国深圳证券市场A股上市公司的1612个样本作为研究对象,实证分析了上市公司信息披露质量与股权资本成本之间的关系。结果表明:上市公司信息披露质量的提高可以降低股权资本成本,同时发现我国资本市场存在过度投机和投资者不够理性等问题。就此提出了相关建议。This paper selected the 1612 A-share company listed on the Shenzhen Stock Exchange from 2007 to 2011 as the research sample,the dependent variable was derived from the cost of equity capital by the PEG model,the explanatory variable was the quality of information disclosure of listed companies,at the same time controlled the corporate finance,company size,market risk and corporate governance and other factors,examined the relationship between the listed company information disclosure quality and equity cost of capital.The results showed that the listed companies improved the quality of information disclosure could reduce the cost of equity capital,and also found that China's capital market still existed the phenomenon of excessive speculation,and many investors were not rational.Finally,the paper put forward suggestions and countermeasures.

关 键 词：信息披露 信息披露质量 股权资本成本 

分 类 号：F233[经济管理—会计学] F832.51[经济管理—国民经济]