摘要
本文基于深圳证券交易所公布的对于主板和中小板上市公司信息披露程度的评估,CSMAR数据库中有关上市公司流通股数、年末收盘价及总资产等基本数据资料,以及wind网站上有关股票β系数的数据,运用反求折现率的方法得到权益资本成本的估计值,进而对信息披露程度、企业风险与权益资本成本的关系进行了深入研究。结果表明:上市公司信息披露程度与权益资本成本负相关;公司股票的流动性与权益资本成本正相关;公司的规模与权益资本成本负相关;权益资本成本与股票β值正相关,但与β2值负相关,进而表明企业风险水平与权益资本成本并非简单地呈线性正相关,而是U型关系。
This paper bases on the data from the Assessment on Public Companies’ Levels of Information Disclosure of Shenzhen Securities Exchange, public companies’ outstanding share number, year-end closing price and total assets data in CSMAR database andβvalue from www. wind.com.cn and uses discount method to calculate cost of equity capital. We searched the relationship among the level of information disclosure, business risk and cost of equity capital and then drew the following four main conclusions: public companies’ levels of information disclosure are inversely proportional to their cost of equity capital; Liquidity of companies’ shares is inversely proportional to cost of equity capital; Companies’ scales are inversely proportional to their cost of equity capital; βvalue is directly proportional to cost of equity capital, butβ2 is inversely proportional to cost of equity capital, showing that business risk levels and cost of equity capital don’t have a linear correlation but a U-shape relationship.
出处
《吉林金融研究》
2011年第10期7-12,33,共7页
Journal of Jilin Financial Research
关键词
信息披露程度
权益资本成本
企业风险
Level of Information Disclosure
Cost of Equity Capital
Business Risk
