The Economic Impact Study, The Information Disclosure Of Listed Companies In Shenzhen

Information disclosure is the basis for the healthy development of securities markets.China's capital market has developed about 20 years;the quality of information disclosure still has many problems yet to be improved.With the China's securities market systems becoming increasingly perfect,the quality of information disclosure is receiving gradually closer attention by market participants.Researchers have analyzed the impact of information disclosure and their economic consequences with a large number of studies,but the studies from the perspective of a listed company are less.This article attempts to study at the benefits of listed companies received from information disclosure.The two main effects of capital markets for listed companies are discovery of the value and financing.This paper is starting from these two parts to research the influence of information disclosure on the company value and financing costs.We found that high-quality information disclosure can enhance the value of listed companies and reduce financing costs.Therefore,from the listed company's own interests,they should also provide high-quality information disclosure.First of all,we use the three-factor model of Fama-French to calculate the excess rate of stock return and find the relationship between the quality of information disclosure and company value.We find that higher level of information disclosure can make companies' shares get a higher rate of return,and enhance the value of the company.This article from five aspects,which are the annual level of information disclosure,annual changes of information disclosure,continuous changes of information disclosure,ongoing changes of information disclosure,as well as in a continuing high level information disclosure,to verify the relationship between the excess rate of stock return and the level of information disclosure.Finally,controlled by the accounting income,the excess rate of return still has a significant positive correlation with the quality of information disclosure.That is,the higher the level of information disclosure,the greater the value of the company.Secondly,this article tested the relationship between financing costs and the quality of information disclosure from two aspects of IPO and refinancing.We divided financing costs into two parts,direct and indirect costs.Empirical results showed that the level of information disclosure has a significant negative correlation with the cost of IPO.That is,the better information disclosure,the lower cost of IPO financing.We found that different types of re-financing are affected by the information disclosure in different levels.The financing costs of rationed shares offering had a positive correlation with the level of information disclosure,that is,the better information disclosure,the higher financing cost of rationed shares offering;the financing costs of additional stock issue to specific investors had a negative correlation with the level of information disclosure,that is,the better information disclosure,the lower financing costs of additional stock issue to specific investors;the financing costs of SEO had a complicated correlation with the level of information disclosure,that is,the better information disclosure,the lower indirect financing costs of SEO,but higher direct financing costs.Early in 21th century,rationed shares issue was widely used,but recently,additional stock issue to specific investors was developed quickly.Thus,the refinancing costs were positively relevant with information disclosure early in 21th century but negatively relevant recently. Therefore,the positive effect of information disclosure on financing costs of additional stock issue to specific investors has more practical meaning.