公司年报信用信息披露质量对股权资本成本的影响  

Influence of Quality of Corporate Annual Report Credit Information Disclosure on Cost of Equity Capital

作　　者：高锦萍[1] 吴美娟 GAO Jinping;WU Meijuan(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876

出　　处：《北京邮电大学学报（社会科学版）》2022年第4期39-50,共12页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

基　　金：教育部人文社会科学研究一般项目(19YJA630020)

摘　　要：高质量的信用信息披露可以向投资者传递出企业诚信经营的信号,提升投资者对企业的信任,降低股权资本成本。以2015—2018年A股上市公司为样本,利用文本分析法来量化年报信用信息披露质量,检验其对股权资本成本的影响以及在不同的产权性质下该影响的异质性。研究表明,年报信用信息披露质量和股权资本成本之间为显著的负相关关系,从产权性质来看,年报信用信息披露质量与股权资本成本的负相关关系在非国有企业中更为显著。The high-quality disclosure of credit information can show enterprises’ trusted business operations to investors, enhance investors’ trust in enterprises and reduce the cost of equity capital. A-share listed companies from 2015 to 2018 are selected as samples, and text analysis method is used to quantify the quality of annual report credit information disclosure, and test the impact of disclosure quality on the cost of equity capital and the heterogeneity of the impact under different property rights. The results show that there is a significant negative correlation between the quality of annual report credit information disclosure and the cost of equity capital. Further research on property rights shows that the negative correlation above is more significant in non-state-owned enterprises.

关 键 词：信用信息披露质量 股权资本成本 产权性质 年报文本分析 

分 类 号：F49[经济管理—产业经济] F124.1F279.2