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论文编号：	1832
作者编号：	031686
上传时间：	2010/5/13 10:38:59
中文题目：	信息披露水平与权益资本成本关系的实证研究
英文题目：	Information Disclosure Level
指导老师：	孙广平
中文关键字：	信息披露水平 权益资本成本 会计政策选择
英文关键字：	Information Disclosure Level Cost of Equity Capital
中文摘要：	虽然理论研究表明信息披露水平与权益资本成本之间负相关，然而实证研 究发现两者之间的关系并没有像理论研究那般明朗。典型的情形如Botosan 和 Plunlee（2000）中发现更多的及时性信息披露和较高的权益资本成本相联系等。 就中国证券市场的实际来看，信息披露水平和权益资本成本之间的关系更有待 于检验。一方面来说，同发达国家相比，中国证券市场关于信息披露方面的制 度没有那么完善，不同上市公司之间的信息披露水平可能会呈现更大的差异， 因此获得的收益也可能更为明显。而从另一方面来说，由于我国投资者对市场 缺乏信心，不太相信上市公司发布的各类信息，因此这可能会减弱信息披露水 平和资本成本之间的联系。 由于国外实证研究结论的模糊性以及中国证券市场的特殊性，本文试图通 过完善各项关键代理变量的设计，来开拓中国证券市场中信息披露水平和资本 成本之间联系的研究。本文首次利用面板数据，探讨中国证券市场中信息披露 水平和资本成本之间的负相关关系是否在多时期中成立。本文的创新性还体现 在以下几个方面：其一是关于中国上市公司信息披露水平评价体系的构建；其 二是包含非流通股成本在内的权益资本成本的估算；第三方面是探讨中国上市 公司的会计政策选择行为是否会对信息披露水平和资本成本之间的关系产生影 响。 在上述变量的设计基础上，本文在对中国证券市场1999 年度和2001 年度 相关数据分析后发现：提高上市公司的披露水平有助于降低公司的权益资本成 本；信息披露水平每提高一个单位能够使权益资本成本降低0.0206%。在会计政 策选择对信息披露水平与资本成本之间关系的影响方面，本文发现在中国证券 市场同样存在Gietzmann 和Trombetta（2003）所预测的现象，即采取激进会计 政策的上市公司，信息披露水平的提高能够显著降低其资本成本；而选择保守 会计政策的上市公司，信息披露水平与资本成本的关系不甚明朗。
英文摘要：	Theory research indicates a negative relationship between information disclosure level and the cost of equity capital. However, empirical research has not, in general, confirmed this. In particular, Botosan and Plumlee(2000) find that firms’ cost of equity capital increases with timely disclosures. Regarding the reality of China security market, Researchers have more motivations to examine the relationship between information disclosure level and the equity capital cost. On the one hand, information disclosure regulations of China security market are not as perfect as that of developed countries. This may induce Chinese listed companies present greater difference of information disclosure level, so that they may obtain the corresponding return more obviously. On the other hand, Investors have not every confidence in China security market, and they are doubtful of all kinds of information released by Chinese listed companies. This would weaken the association between information disclosure level and the equity capital cost. Owing to the uncertainty of western empirical research results and the particularity of China security market, this paper want to develop the research about the relationship between information disclosure level and the equity capital cost in China security market, by constructing innovative measure of key substitute variables. For the first time, this paper uses panel data to test the relationship that the cost of equity capital is decreasing with disclosure level in multi-periods. This paper also introduces the following innovations: the first aspect is the construction of information disclosure level evaluation system for Chinese listed companies; the second aspect is that the estimation of the equity capital cost takes the cost of non-tradable shares into account; the third aspect is the discussion whether accounting choice influence the relationship between the disclosure level and equity capital cost in China security market. Based on the above variables design, after analyzed the relative data from 1999 and 2001, this paper find that the cost of equity capital is decreasing with information disclosure level in China security market. Every unit promotion in information Abstract 2 disclosure level can make the cost of equity capital fall about 0.0206%. Regarding corporate accounting choice working on the relation between information disclosure level and equity capital cost, this paper find the same phenomenon in China security market that predicted by Gietzmann & Trombetta(2003). There are no significant association between the disclosure level and the equity capital cost if the firm adopt a conservative accounting policy, but evidence of a negative relationship between them for firms which adopt an aggressive accounting policy.
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