信息披露、机构投资者与权益资本成本
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摘要
信息披露是影响资本市场效率的重要因素,充分、及时、真实、准确的信息披露能够有效地引导资源优化配置,对于维护市场秩序、保护投资者利益具有重要的意义。作为信息披露的经济后果,信息披露与权益资本成本的关系得到实务界和理论界的密切关注。国外大多数研究表明,提高信息披露质量能够降低权益资本成本。机构投资者作为市场上相对知情的投资者,其对私有信息的挖掘利用能够提高股价的信息含量,提高市场效率。国外学者研究表明机构投资者对信息的竞争能够降低信息披露对权益资本成本的影响。我国学者也使用主板上市公司数据对信息披露与权益资本成本的关系进行了研究,但利用中小企业板作为研究样本还十分少见,而且尚未研究我国机构投资者目前发展状况下,其对信息披露影响权益资本成本所起的作用。因此,本文在回顾国内外文献的基础上,利用深市中小企业板上市公司2008-2010年的数据,以PEG比率方法计算权益资本成本,对信息披露质量与权益资本成本的关系进行了实证检验,同时还研究了是否有机构投资者持股以及机构投资者间的信息竞争对二者关系的调节作用。
研究发现：(1)在中小板市场上,信息披露质量也是影响公司权益资本成本的重要因素,信息披露质量较高的公司,权益资本成本较低。(2)与无机构投资者持股的公司相比,有机构投资者持股的公司信息披露质量对权益资本成本的影响更大,提高信息披露质量能在更大程度上降低权益资本成本。(3)机构投资者对信息的竞争能够降低信息披露质量对权益资本成本的影响,即机构投资者间信息竞争程度更高的公司,信息披露质量对权益资本成本的影响更小。本文的研究发现具有如下政策含义：(1)信息披露质量对权益资本成本有积极的影响,有必要继续通过加强市场监管、完善信息披露规则、拓宽信息披露途径、建立公正独立的评价指标体系等手段促使上市公司提高信息披露质量,改善融资效率。(2)机构投资者的存在加强了信息披露质量与权益资本成本的内在联系,发展机构投资者有助于提高投资者的整体素质。(3)发展机构投资者,创造更具竞争性的信息环境,有助于改善融资效率。在我国目前机构投资者间信息竞争程度普遍较低的情况下,提高信息披露质量对降低资本成本、改善融资效率仍然具有重要意义。
Information disclosure is an important factor influencing the efficiency of capital markets. Sufficient, timely, authentic and accurate disclosure of information can effectively guide the optimal allocation of resources, which also plays an important role in maintaining the markets order and protecting the interests of investors. As the economic consequence of the information disclosure, the relationship between information disclosure and cost of capital has drawn great attention of both practitioners and theorists. Many western studies found that, improvement of information disclosure quality could reduce cost of capital. As the relatively informed investors in the market, institutional investors' exploration of private information increases the information contained in the stock price, thus improves market efficiency. Studies of foreign researchers showed that the competition among institutional investors over private information could reduce the impact of information disclosure on cost of capital. Domestic researchers also carried out studies on the relationship between information disclosure and cost of capital, using the data of companies listed on the Main Board. However, it is very rare for studies using the SME board as the sample. Moreover, there is no study of the influence from institutional investors on the relationship between information disclosure and cost of capital. Therefore, on the basis of reviewing the literature in domestic and abroad, this research uses a sample of companies listed on the Shenzhen SME board from the year2008to2010, calculates the cost of capital using PEG ratio method, and carries out empirical test on the relationship between information disclosure quality and cost of capital. In addition, the paper also examines the conditional effect of institutional investors (whether there is institutional ownership and the competition among institutional investors) on the relationship between the two.
Our findings are summarized as follows:(1) In the SME Board, information disclosure quality is also an important factor to affect cost of capital. The higher the information disclosure quality, the lower the cost of capital.(2) Compared to the companies without institutional investors, the companies with institutional investors holding shares have larger effect of information disclosure quality on cost of capital. For these companies, to improve the information disclosure quality can reduce the cost of capital to a greater extent.(3) Institutional investors'competition over information can weaken the effect of information disclosure quality on cost of capital, i.e. when there is more competition, the information disclosure quality affects the cost of capital at a lower level. These findings have the following policy implications:(1) Information disclosure quality has a positive impact on cost of capital. It is necessary to continue to strengthen market supervision, improve disclosure rules, broaden disclosure channels and establish an impartial and independent evaluation index system to promote information disclosure quality and improve financing efficiency.(2) Institutional investors strengthen the inner contact of information disclosure quality and cost of capital. Development of institutional investors is helpful to improve the overall quality of investors.(3) Companies can improve financing efficiency by increasing the number of institutional investors to create a more competitive information environment. In Chinese capital market characterized by less competition, improving information disclosure quality is still of great significance for listed companies to lower cost of capital and improve financing efficiency.
研究发现：(1)在中小板市场上,信息披露质量也是影响公司权益资本成本的重要因素,信息披露质量较高的公司,权益资本成本较低。(2)与无机构投资者持股的公司相比,有机构投资者持股的公司信息披露质量对权益资本成本的影响更大,提高信息披露质量能在更大程度上降低权益资本成本。(3)机构投资者对信息的竞争能够降低信息披露质量对权益资本成本的影响,即机构投资者间信息竞争程度更高的公司,信息披露质量对权益资本成本的影响更小。本文的研究发现具有如下政策含义：(1)信息披露质量对权益资本成本有积极的影响,有必要继续通过加强市场监管、完善信息披露规则、拓宽信息披露途径、建立公正独立的评价指标体系等手段促使上市公司提高信息披露质量,改善融资效率。(2)机构投资者的存在加强了信息披露质量与权益资本成本的内在联系,发展机构投资者有助于提高投资者的整体素质。(3)发展机构投资者,创造更具竞争性的信息环境,有助于改善融资效率。在我国目前机构投资者间信息竞争程度普遍较低的情况下,提高信息披露质量对降低资本成本、改善融资效率仍然具有重要意义。
Information disclosure is an important factor influencing the efficiency of capital markets. Sufficient, timely, authentic and accurate disclosure of information can effectively guide the optimal allocation of resources, which also plays an important role in maintaining the markets order and protecting the interests of investors. As the economic consequence of the information disclosure, the relationship between information disclosure and cost of capital has drawn great attention of both practitioners and theorists. Many western studies found that, improvement of information disclosure quality could reduce cost of capital. As the relatively informed investors in the market, institutional investors' exploration of private information increases the information contained in the stock price, thus improves market efficiency. Studies of foreign researchers showed that the competition among institutional investors over private information could reduce the impact of information disclosure on cost of capital. Domestic researchers also carried out studies on the relationship between information disclosure and cost of capital, using the data of companies listed on the Main Board. However, it is very rare for studies using the SME board as the sample. Moreover, there is no study of the influence from institutional investors on the relationship between information disclosure and cost of capital. Therefore, on the basis of reviewing the literature in domestic and abroad, this research uses a sample of companies listed on the Shenzhen SME board from the year2008to2010, calculates the cost of capital using PEG ratio method, and carries out empirical test on the relationship between information disclosure quality and cost of capital. In addition, the paper also examines the conditional effect of institutional investors (whether there is institutional ownership and the competition among institutional investors) on the relationship between the two.
Our findings are summarized as follows:(1) In the SME Board, information disclosure quality is also an important factor to affect cost of capital. The higher the information disclosure quality, the lower the cost of capital.(2) Compared to the companies without institutional investors, the companies with institutional investors holding shares have larger effect of information disclosure quality on cost of capital. For these companies, to improve the information disclosure quality can reduce the cost of capital to a greater extent.(3) Institutional investors'competition over information can weaken the effect of information disclosure quality on cost of capital, i.e. when there is more competition, the information disclosure quality affects the cost of capital at a lower level. These findings have the following policy implications:(1) Information disclosure quality has a positive impact on cost of capital. It is necessary to continue to strengthen market supervision, improve disclosure rules, broaden disclosure channels and establish an impartial and independent evaluation index system to promote information disclosure quality and improve financing efficiency.(2) Institutional investors strengthen the inner contact of information disclosure quality and cost of capital. Development of institutional investors is helpful to improve the overall quality of investors.(3) Companies can improve financing efficiency by increasing the number of institutional investors to create a more competitive information environment. In Chinese capital market characterized by less competition, improving information disclosure quality is still of great significance for listed companies to lower cost of capital and improve financing efficiency.
引文
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叶康涛、陆正飞,2004：《中国上市公司股权融资成本影响因素分析》,《管理世界》第5期。
殷琦、韩东平,2010：《中小企业信息披露与股权融资成本关系研究》,《哈尔滨工程大学学报》第5期。
于李胜、王艳艳,2007：《信息风险与市场定价》,《管理世界》第2期。
曾颖、陆正飞,2006：《信息披露质量与股权融资成本》,《经济研究》第2期。
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张宗新、张晓荣、廖士光,2005：《上市公司自愿性信息披露行为有效吗?——基于1998-2003年中国证券市场的检验》,《经济学(季刊)》第2期。
支晓强、何天芮,2010：《信息披露质量与权益资本成本》,《中国软科学》第12期。
周冬华,2011：《信息披露质量影响股权融资成本的路径研究——来自深圳证券市场的经验证据》,《广东商学院学报》第4期。
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