Research On The Relationship Between Internal Governance And Equity Capital Cost Based On Information Disclosure Quality

Since the 1990 s, the three major historical events, corporate governance issues has become a major issue in the field of modern economy and the object of study. Companies often in pursuit of share holder value maximization as the goal, each enterprise to raise more capital competition, is the enterprise competition in terms of governance mechanism. So the internal governance of listed companies is not only beneficial to the management and financial decision- making more scientific, the board of directors to improve corporate governance, solve the financing problem has profound significance.As this, this article through before scholars research achievements about the company’s internal governance and the eq uity capital cost of review and summary, selecting the basic factors of internal governance of listed companies,using the motherboard sample data of a-share listed companies in our country, analysis the company internal governance individual factors and the relationship between the equity capital cost, and build the company internal management level of comprehensive index, to probe into comprehensive level company internal governance and the relationship between the equity capital cost, and join the financia l information disclosure quality variables, discuss the whether in A relationship between the "bridge" role.Descriptive analysis based on the sample data and the regression analysis, to study the internal governance’s impact on equity capital cost. The results show that on behalf of the ownership structure of the two indicators nature of controlling shareholders, ownership concentration and equity capital cost is significantly negative correlation; O n behalf of the board of directors characteristics of bot h part-time and independent directors proportion and equity capital cost of significance is not good.Measure the board characteristics executives shareholding no significant impact on the cost of equity capital, natural logarithm of the total amount of executive pay significantly positively related to equity capital cost, but contrary to our expectations. But the company internal governance comprehensive level has significant effects on the cost of equit y capital,comprehensive level, the better, the company internal governance, the lower cost of equity capital. Also we found that financial information disclosure quality played a comprehensive level part role between the company governance and the cost of equity capital relationship.