Quality Of Information Disclosure Of Listed Companies And Equity Financing Costs Empirical Study

Stock market information disclosure is to connect the supply side and demand-side financing an important link between the quality of information disclosure by the stock market has always attached great importance to various types of participants. The equity capital financing costs as the demand side of the stock market (listed companies) to obtain funds or fund the cost of supply-side (investors) to cast the required rate of return on capital, the economic consequences of disclosure as an important manifestation of its quality of information disclosure the relationship between capital market has become an important research subject.In the United States as the representative of the mature stock market, higher quality of information disclosure of listed companies lower the cost of equity financing. China scholars in recent years, the Shanghai and Shenzhen Stock Exchange has also conducted a similar study A shares, most of the conclusion is the same with the U.S. market. But the real estate industry as a special industry in China to verify the information disclosure of the industry and the relationship between the cost of equity financing also has a positive meaning.In this paper, based on empirical research and theoretical analysis of the research methods to explore the information disclosure of listed real estate company and the relationship between the cost of equity financing.First introduces the research background, the significance of the information to determine the cost of disclosure and the concept of equity financing areas of research status are reviewed. In the theoretical analysis, from a theoretical point of view of the quality of information disclosure of listed companies and equity financing relationship between costs and explained the significance of relations between the two, and the ultimate goal, mainly from the efficient market theory, agency theory and signal transmission theory were explained how the quality of information disclosure of the cost of equity financing. Furthermore, this article describes the information disclosure of listed company status, characteristics of the real estate industry, information disclosure, the real estate industry characteristics, the real estate industry, the main mode of financing and equity financing costs. And use the listed real estate companies eligible sample data, using descriptive statistics, correlation analysis and regression analysis were used to verify the information obtained disclosure of listed real estate companies with negative equity financing costs related to conclusions. Finally, according to the results of empirical research and its conclusions explained thinking, and gives policy recommendations and research limitations.