市场化进程、自愿性信息披露和权益资本成本  

Marketization Process,Voluntary Disclosure and the Cost of Equity Capital

作　　者：李慧云[1] 刘镝[1] 

机构地区：[1]北京理工大学管理与经济学院,100081

出　　处：《会计研究》2016年第1期71-78,96,共8页Accounting Research

基　　金：国家社会科学基金重点项目(13ATJ003);国家自然科学基金(71140006);全国统计科学研究计划项目重点课题(2013LZ26)阶段性成果;北京理工大学基础研究基金项目(20132142002;20102142018)的资助

摘　　要：基于市场化进程中政府对企业干预程度的差异,本文研究市场化进程对自愿性信息披露与权益资本成本关系的影响。研究发现,市场化进程对自愿性信息披露与权益资本成本的负相关关系起加强作用;更进一步地,在市场化进程较低的地区,受较强的政府干预的影响,国有上市公司比非国有上市公司自愿性信息披露与权益资本成本的相关关系更弱,相反,在市场化进程较高的地区,政府会减少对企业的干扰,非国有上市公司相比于国有上市公司对这种影响的弹性更大,表现在非国有上市公司比国有上市公司更能通过披露较多的自愿性信息来降低权益资本成本。We studied the impact of marketization process on the relationship between voluntary disclosure and cost of equity capital. We found that the marketization process strengthened the negative correlation between voluntary disclosure and the cost of equity capital. Furthermore,in the region of lower marketization progress,being affected by strong government intervention,the state-owned listed companies showed a lower correlation with voluntarily disclose and the cost of equity capital than the non-state-owned listed companies. Conversely,in the region with higher marketization progress,government would reduce the intervention in the enterprise,because of the greater flexibility to intervention,the non-state-owned listed companies would reduced more cost of equity capital than the state-owned listed companies through voluntary information disclosure.

关 键 词：自愿性信息披露 权益资本成本 市场化进程 

分 类 号：F275[经济管理—企业管理]