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首页> 外文期刊>Universal Journal of Accounting and Finance >Information Transparency, Debt and the Cost of Equity Capital: Evidence from China
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Information Transparency, Debt and the Cost of Equity Capital: Evidence from China

机译：信息透明，债务与股权资本成本：来自中国的证据

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This study adopted the signalling theory perspective to explore the effect of information transparency on the cost of equity capital among enterprises in China. Variables of information transparency and debt ratio were used to examine their influence on the cost of equity capital of enterprises in China between 2014 and 2015. The empirical results revealed that information transparency negatively affected the cost of equity capital, regardless of examining all observations simultaneously or examining the samples from 2014 and 2015 separately. However, the effect observed in 2014 was non-significant. In addition, debt positively moderated the effect of information transparency on the cost of equity capital. The results revealed that investors of the capital market paid attention to both financial and nonfinancial information disclosed by enterprises. This finding should be of great value to enterprise managers, supervisors, and decision-makers in financial or socioeconomic systems similar to that of China. Previous relevant studies have rarely explored emergent economies in socialist systems. The empirical results of this study facilitated reinforcing the research gap regarding how enterprises in socialist countries reduce their cost of equity capital amidst the economic development therein.
机译：本研究采用信号理论的视角探讨了信息透明性对中国企业间股权资本成本的影响。信息透明度和债务比率变量用于检验其对2014年至2015年间中国企业股权资本成本的影响。实证结果表明，信息透明度对股权资本成本具有负面影响，无论同时检查所有观察结果还是观察所有观察结果均如此。分别检查2014年和2015年的样本。但是，2014年观察到的影响不显着。此外，债务积极地缓解了信息透明度对股本成本的影响。结果表明，资本市场的投资者关注企业披露的财务和非财务信息。对于与中国类似的金融或社会经济体系的企业经理，主管和决策者，这一发现应该具有重要的价值。以前的相关研究很少探索社会主义制度中的新兴经济。这项研究的实证结果有助于扩大关于社会主义国家的企业如何在其中的经济发展中降低其股权资本成本的研究差距。

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