The Study of the Effects of the Quality of Informative Disclosure on the Cost of Equity Capital

【摘要 (中文/英文)】 会计信息,是上市公司经营状况的集中反映,其质量的高低直接决定着资本市场的有效程度、社会资源的配置效率以及会计信息在供求方面平衡过程;同时,会计信息的充分披露,可因降低证券市场发行与交易过程中的信息不对称而节约交易成本。 国外的理论与实证研究表明,信息披露水平的提高能减少管理者与投资者的信息不对称及投资者之间的信息不对称,降低投资者预期风险及提高股票的流动性,从而降低权益资本成本。然而以上研究都是在发达国家成熟的证券市场环境下进行的,缺乏新兴市场上信息披露质量对资本成本影响的深入探讨。 因此,本文以我国2002年12月31日以前在深圳证券交易所主板上市的A股非金融类公司2004-2006年的情况作为样本,探讨在我国特殊的证券市场环境下,信息披露质量的提高是否有助于降低上市公司的权益资本成本,在多大程度上降低了权益资本成本?在不同性质的上市公司及不同规模的上市公司之间,这两者间的相关程度是否相同?这些问题的研究,对唤起上市公司主动提高信息披露的自觉意识,提高证券市场信息透明度,降低上市公司的融资成本,提高股东价值有着重要的意义。 本文采用Ohlson-Juettner(2005)的预期资本...更多成本模型计算出权益资本成本,在控制了贝塔系数、公司规模、账面市值比、杠杆率、净资产收益率等财务指标及独立董事比例、控股股东情况、董事长与经理两职合一、第二到五大股东持股比例等公司治理指标及行业、年度这两个虚拟变量的条件下,发现信息披露质量较高的样本公司权益资本成本较低。同时,区分了股东性质和公司规模。经假设检验,得出民营上市公司较国有上市公司,信息披露质量对权益资本成本的影响更为显著;相对于规模偏小的公司,大公司信息披露质量与权益资本成本的相关性更强。 最后,基于上述发现,本文提出了若干政策建议:上市公司应通过提高信息披露质量来降低权益资本成本。对于民营企业和公司规模较大的企业,则应更加重视信息披露制度,提高信息披露质量,以期能有效的降低权益资本成本。有关独立、公正的机构也应该完善上市公司信息披露质量的评价指标体系,通过提高强制披露要求、增加违规披露信息的惩罚力度等手段,使信息披露的真实水平能准确的传递给投资者,从而提高证券市场效率。 

 The accounting information is the concentrated reflection of listed companies. Its quality directly influences the effective degree of capital market, the disposition efficiency of social resources as well as the accounting information in the supply-demand balance process. At the same time, the full disclosure of accounting information may save the transaction cost because of reducing the degree of information asymmetry in the release and the transaction process in the stock market. The overseas theory and the empirical research indicated that the increasing level of informative disclosure can reduce the information asymmetry between investors and managers as well as among the investors, reduce the investors’anticipated risk and enhance the fluidity of stock. Thus it can reduce the cost of equity capital. However all the above researches are carried on in mature stock market environment of the developed countries, lack of the thorough discussion on relationship between informative disclosure quality and the cost of equity capital in the emerging market. Therefore, this article takes A stock non-finance companies from 2004 to 2006 on the motherboard in Shenzhen stock market as examples. Then it discusses whether the quality of informative disclosure is helpful in reducing the cost of equity capital of listed companies and the former influencing the latter in what degrees under our country special stock market environment? Among the different characters and scales of the enterprises, whether the relationship between the quality of informative disclosure quality and cost of capital is the same? The researches upon these questions will have the vital significance on arousing listed companies to enhance the informative disclosure on their own initiative awareness, enhancing the information transparency in stock market, reducing the financing cost of listed companies and enhancing the shareholders’value. Using the Ohlson-Juettner Model, this paper calculates the expected capital of cost of the A shares companies. It is found that on the condition of controlling some financial and corporate managing index as well as the dump variables of year and industry, the samples with higher-quality informative disclosure would have lower cost of equity capital. Then I divide the samples by the character of the stockholders and the size of companies. The results of regression is that compared to state-owned listed companies and smaller companies, the quality of informative disclosure has more significant influences on the cost of equity capital in private listed companies and bigger companies. In the end, I give some suggestions depending on the discoveries. First, listed companies should lower the cost of equity capital by means of improving the quality of informative disclosure. For the private companies and bigger companies, they should pay more attentions on the policy of informative disclosure so that they can get more benefits from the lower cost of capital. The independent and fair organizations should also strengthen the appraisal target system of the quality of informative disclosure of listed companies, enhance compulsion disclosure request, increase penalty methods on contrary informative disclosure methods and so on so that enable the real information to transmit to the investors, thus enhance the stock market efficiency.

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