Disclosure level and the cost of equity capital
Disclosure level and the cost of equity capital
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发表时间：
1997
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通讯作者：
Christine Botosan
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作者：
Christine Botosan
披露水平对权益资本成本的影响是财务报告界非常感兴趣和重要的问题。然而，披露水平与权益资本成本之间的关系尚未得到很好的确立，而且难以量化。在本文中，我通过回归公司特定的股权资本成本对市场贝塔系数、公司规模和自我构建的披露水平度量的估计，研究了披露水平和股权资本成本之间的关系。我对披露水平的衡量是基于122家制造业公司1990年年度报告中自愿披露的数量。对于吸引低分析师跟随的公司，结果表明，更大的披露与更低的权益资本成本相关。影响的大小是这样的，披露措施的一个单位差异与权益资本成本的大约28个基点的差异有关，在控制市场贝塔和公司规模之后。然而，对于拥有高分析师追随者的公司，我发现没有证据表明我的披露水平与权益资本成本之间存在关联，这可能是因为披露措施仅限于年度报告，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强有力的代理。
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.