An Empirical Study On Disclosure Quality Effect On The Cost Of Equity Capital Of High-tech Listed Firms

Information disclosure is the important bridge and link to link listed companiesand capital market, it is the important tool to solve the problem of informationdissymmetry, and affect the efficiency of capital market and resource allocationefficiency, many companies was forced to make information disclosure, either areunder supervision requirements, or in response to external pressure of public opinion,some companies chose to disclosure false information basing on share issue andperformance evaluation purpose, but not out of their own strategies in consideration ofthe effective information disclosure, so there was a large quantities of not standardphenomenon on information disclosure. Affected by the effect of information disclosure,it will affect the power companies to disclose information in turn,it will seriously hinderthe healthy development of China’s capital market. Therefore, it plays a more and moreimportant role to improve the quality of information disclosure of the healthydevelopment of the capital market. While equity financing cost is also one of thefinancing management,also it is an important part of the core of the corporate finance.Information disclosure quality effectting on the cost of capital is a basic problem onaccounting field, but also the important problem on economic and financial field.Gradually become the direction of the research of scholars. Foreign theory respectivelydemonstrate the relationship between the two from the information disclosure qualityaffect stock market risk, liquidity.Many empirical studies have proved the quality ofinformation disclosure and the cost of equity financing exists significant relationship.This article study our high-tech listed company information disclosure effect onequity financing cost from both theoretical and empirical studies. On the basis of theselected and descipted the samples, and by using descriptive statistics, the correlationanalysis, multiple regression method to carry on the analysis, finally we can come to theconclusion that the improvement of the quality of information disclosure of thehigh-tech listed companies can lower equity financing costs, and for a delay ofinformation transmission, the high technology of the listed company of equity financing cost not only by the year the influence on the quality of information disclosure, but alsoby the previous year the influence on the quality of the information disclosure, and thedegree of the previous year’s influence is more big. As follow,we proved them indifferent markets,and find that the degree of the influence in mainmarket is morebig.Finally, according to the empirical results, combining with the actual situation ofChina’s high-tech companies, we put forward the relative policy suggestions from fouraspects:the actual situation government departments, agencies, organizations andindividual investors, the company’s internal along with the development of thesecurities market, gradually established the listed company information disclosuremechanism; To speed up the establishment of information quality evaluation standard,and publish corresponding information quality supervision system, perfect the relevantlegal system.