年报可读性、货币政策不确定性与企业资本成本  

Study on the Annual Report Readability,Monetary Policy Uncertainty and Corporate Capital Costs

作　　者：马巾英[1] 罗诗瑶 MA Jinying;LUO Shiyao(Business School,Hunan Normal University,Changsha 410081,China)

机构地区：[1]湖南师范大学商学院,湖南长沙410081

出　　处：《湖南工业大学学报(社会科学版)》2025年第2期101-108,共8页Journal of Hunan University of Technology(Social Science Edition)

基　　金：湖南省社科成果评审委员会基金项目“湖南加快国有企业混合所有制改革的实现路径研究”(XSXSP20YBZ004)。

摘　　要：选取2013—2023年沪深A股上市公司为研究样本,实证检验年报可读性与企业资本成本之间的关系,并探究货币政策不确定性这一调节变量对两者关系的影响。结果表明:年报可读性越低,企业的资本成本越高;货币政策不确定性越高,年报可读性对企业资本成本的负向影响越大;在非高新技术行业、非国有企业和外部审计质量较低的企业样本中,年报可读性对企业资本成本的负向影响更显著。据此,企业应提高年报可读性,增强环境适应能力;监管部门应完善信息披露标准,强化对中介机构的监管责任。This study selected A-share listed companies in Shanghai and Shenzhen from 2013 to 2023 to empirically examine the relationship between annual report and corporate capital costs,and to explore the moderating effect of monetary policy uncertainty on this relationship.The results show that the lower the annual report readability is,the higher the corporate capital costs will be,and the higher the monetary policy uncertainty,the greater the negative impact of annual report readability on corporate capital costs.Moreover,in samples of non-high-tech industries,non-state-owned enterprises,and firms with lower external audit quality,the negative impact of annual report readability on corporate capital costs is more pronounced.Accordingly,companies should improve the readability of their annual reports and enhance their environmental adaptability.Regulatory authorities should improve disclosure standards and strengthen the supervisory responsibilities of intermediaries.

关 键 词：年报可读性 企业资本成本 货币政策不确定性 

分 类 号：F275[经济管理—企业管理]