董事会报告可读性、制度环境与股权资本成本  

The Readability of Board Reports,System Environment and the Cost of Equity Capital

作　　者：江媛 王治[1] JIANG Yuan;WANG Zhi(School of Economics and Management,Changsha University of Science and Technology,Changsha 410076,China)

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410076

出　　处：《财经理论与实践》2018年第5期88-94,共7页The Theory and Practice of Finance and Economics

基　　金：湖南省研究生科研创新项目(CX2015B349)

摘　　要：依据2007-2016年中国上市公司数据,考量上市公司董事会报告的可读性、制度环境与股权资本成本之间的关系。结果发现:董事会报告更好的可读性、制度环境更完善有助于降低公司股权资本成本;制度环境越完善,公司股权资本成本越少受到董事会报告可读性的影响。鉴此,应完善公司非财务信息披露和外部制度环境,促进企业有效信息的对外传递,降低企业融资成本。Based on the data of listed companies in China from 2007 to 2016,an empirical study was conducted on the relationship between the readability of the board of directors of listed companies,the institutional environment and the cost of equity capital.The study found that better readability of board reports helps to reduce the cost of equity capital of the company.A sound market environment and legal system can also help reduce the cost of equity capital of the company.In a sound institutional environment,investors can read the report of the board of directors and the degree of readability dependence will be reduced.The above research conclusions have important practical significance for improving the company's non-financial information disclosure and external institutional environment and reducing corporate financing costs.

关 键 词：董事会报告 可读性 制度环境 股权资本成本 

分 类 号：F273.5[经济管理—企业管理]