摘要
在技术密集型的时代,为了应对越来越重要的企业财务信息披露,我国深交所把信息披露评级作为衡量信息披露程度的标准。选取2009—2012年深交所A股上市公司的相关数据,采用PEG指标来估算股权资本成本,对信息披露质量和股权资本成本的关系进行了理论分析和实证检验。结果表明,在控制市场风险、公司规模、盈利水平、资产周转率等因素下,信息披露质量评级这一变量可以降低股权资本成本。最后基于研究结论从宏微观方面提出政策建议。
In the technology-intensive age,in order to deal with more and more important enterprise＇s financial information disclosure,Shenzhen Stock Exchange takes information disclosure rating as the evaluation of information disclosure degree. Related data from the year of 2009 to 2012 is selected in Shenzhen Stock Exchange and by using PEG index to estimate the cost of equity capital,the relationship between the information disclosure quality and cost of equity capital has been explored through theoretical analysis and empirical test. Results show that if market risk,company size,profitability,asset turnover and other factors are controlled,the variable of information disclosure quality rating can reduce the cost of equity capital. At last,based on the research conclusion,some suggestions are put forward from both macro and micro economics.
出处
《北京邮电大学学报（社会科学版）》
CSSCI
2016年第1期72-77,共6页
Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)
基金
中国博士后科学基金第八批特别项目(2015T80049)
关键词
股权资本成本
信息披露质量
PEG指标
深交所考核评级
cost of equity capital
information disclosure quality
PEG index
appraisal rating of Shenzhen Stock Exchange
