Disclosure Level and the Cost of Capital
Disclosure Level and the Cost of Capital
复制标题
披露水平和资本成本
DOI：
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发表时间：
1997
期刊：
影响因子：
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通讯作者：
Christine Botosan
中科院分区：
文献类型：
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作者：
Christine Botosan
披露水平对股权资本成本的影响是财务报告界非常感兴趣和重视的问题。然而，信息披露水平与股权资本成本之间的关联尚未明确且难以量化。在本文中，我通过根据市场贝塔、公司规模和自行构建的披露水平衡量标准对公司特定的股权资本成本估计进行回归，研究了披露水平与股权资本成本之间的关联。我对披露水平的衡量是基于 122 家制造公司样本的 1990 年年度报告中提供的自愿披露数量。对于吸引较少分析师关注的公司，结果表明，更多的披露与较低的股本成本相关。在控制市场贝塔系数和公司规模后，其影响程度如此之大，披露指标中的一个单位差异与股本成本大约二十八个基点的差异相关。然而，对于拥有大量分析师追随者的公司，我发现没有证据表明我的披露水平衡量标准与股权资本成本之间存在关联，这可能是因为披露衡量标准仅限于年度报告，因此当分析师在沟通过程中发挥重要作用时，可能无法为整体披露水平提供有力的代理。
The effect of disclosure level on the cost of equity capital is a matter of considerable interest and importance to the financial reporting community. However, the association between disclosure level and cost of equity capital is not well established and has been difficult to quantify. In this paper I examine the association between disclosure level and the cost of equity capital by regressing firm-specific estimates of cost of equity capital on market beta, firm size and a self-constructed measure of disclosure level. My measure of disclosure level is based on the amount of voluntary disclosure provided in the 1990 annual reports of a sample of 122 manufacturing firms. For firms that attract a low analyst following, the results indicate that greater disclosure is associated with a lower cost of equity capital. The magnitude of the effect is such that a one unit difference in the disclosure measure is associated with a difference of approximately twenty-eight basis points in the cost of equity capital, after controlling for market beta and firm size. For firms with a high analyst following, however, I find no evidence of an association between my measure of disclosure level and cost of equity capital perhaps because the disclosure measure is limited to the annual report and accordingly may not provide a powerful proxy for overall disclosure level when analysts play a significant role in the communication process.