Information Transparency Of Listed Companies In China For Its Analysis Of The Impact Of Capital Costs

In recent years,information disclosure of listed companies by all the concern andattention,investors to improve the transparency of information have become stronger.Ourcountry's listed companies to disclose the information system is undergoing a step by stepfrom imperfect to perfect the process of change. At the same time, with the fina ncing activitiesof listed companies to gradua lly standardize the cost of capital theory and the in-depthstudying,the correla tion between information disclosure of listed companies and corporatecost of capital have been gradually discovered by the experts and scholars. It have asignifica nt impact on the extent of the fina ncing of listed companies. So,the research ofrelationship and impact between information transparency and capital costsha ve a greatpractica l significa nce.Theoretical studying of foreign scholars shows that have releva nce between theinformation disclosure of listed companies and the cost of capital. The large number ofempirica l studies related have emerged too.But the studying oretica l related of listedcompanies in China is late.The theory of disclosure information and theoretica l studying ofthe cost of capital is reference to the the oretica l studying of abroad. In addition, our country'slisted companies have the particularity, the oretica l research which in the context of ourcountry's listed companies seemed to be somewhat scarce. But there are ma ny scholars make astudy summa ry to disclose the information of our country's listed companies . And as in-depthstudy, the theoretica l studying between information disclosure and the impact of the cost ofcapital of listed companies in China has been gradua lly emerged.In this paper, on the basis of drawing on releva nt theory in our country and abroad,I givea systematic introduction to the theory and the development of information disclosure,and Ialso evaluate the level of information transparency of listed companies in our country.At thesame time,I briefly describes the theoretica l cost of capital,briefly reviewed the severa lcalculation methods of the cost of capital rate and the impacting factors . And then based onthese things,I construction the assumptions model,Selected the sample fina ncia l indica torsdata of 76 IPO company listed in 2008,and for regression analysis, revea led the nega tivecorrela tion between the the level of information disclosu re and the cost of capital in listedcompanies, come to the conclusion.