上市公司信息披露质量对股权融资成本的影响研究-会计学专业论文.docxVIP

II II Abstract Quality of information disclosure on the cost of equity financing is one of the priority field of the study areas of the capital market, abroad theoretical and empirical study commonly show that the quality of information disclosures improvement can reduce the information asymmetry between managers and investors and the information asymmetry between investors, thereby reducing the investors forecast risk and improve the stock liquidity and expected cash flow, thereby reducing the cost of equity financing. Early in the development of Chinas stock market, stocks as a new thing, its supply scale is limited, in this case, investors ignored the request for information disclosure, the relationship between the quality of information disclosure and the cost of equity financing is not very clear.With the continuous development and improvement of Chinas stock market, the environment of listed companies in China has undergone tremendous changes. In the background of this change, Hoping the company to provide more timely, more transparent, more reliable information has become the urgent demand of investors. Meanwhile, the raising of companys information disclosure level is good to follow a reasonable law of value for stock market, reduce the adverse effects from information asymmetry, and also good to the healthy development of securities markets. Therefore, information disclosure are gaining more importance in China, its impact on the cost of equity financing can draw the same conclusion should be explored. Firstly, based on efficient market theory, principal agent theory and asymmetric information theory explain the quality of information disclosure on the cost of equity financing ,theoretical analysis of the relationship from the stock liquidity, forecast risk, expected cash flows and introduce our country s present situation of information disclosure, then introduce the concepts and calculation methods of the equity financing costs and quality of information