摘要
以沪深股市502家公司为研究对象,对上市公司信息披露与资本成本的相关性进行了实证检验。研究表明,对于采取保守盈余政策的366家公司,盈余保守度与资本成本显著负相关,而对于采取激进盈余政策的136家公司,盈余激进度与资本成本没有显著关联。结论:高质量的信息披露可以降低上市公司的资本成本,良好的公司治理有助于提高经营绩效。
Taking 502 firms in Shanghai and Shenzhen stock markets as the surveyed object, the correlation between the firms＇ information publishing and the cost of capital were tested empirically. The results show that the conservative earning is negatively correlated remarkably to the capital costs in 366 firms that have adopted consei＇vative earning policies, but the aggressive earning is not correlated significantly to the cost of capital in 136 firms with aggressive earning policies. Thus the firms＇ effective information announcing can reduce the cost of capital, implying that the good corporate governance will be helpful to the good operation performances.
出处
《管理学报》
CSSCI
2008年第1期88-95,127,共9页
Chinese Journal of Management
基金
国家自然科学基金资助项目(70573030)
技术政策管理(TPM)国家哲学社会科学创新基地资助项目
关键词
上市公司
公司治理
信息披露
盈余保守度
资本成本
listed firms
corporate governance
information annoucing
earning conservativeness
capital costs
