Analysis The Correlation Of The Quality Of Informative Disclosure Of The Listed Company And Cost Of Equity Capital

China’s capital market experienced grope for the start to gradually improve the process, is gradually grow as a fair trade financing platform. in the capital market, as an extremely important factors, the information will link investors, regulators and other types of roles. The quality of the information will directly decided to the capital market whether resources has been effectively optimize configuration.So, ensuring that China’s capital market information disclosuring quality is a not allow to ignore. However, in the China’s capital market,the quality of informative disclosure of the listed companys common have very serious problem, the quality of the disclosed information of the t listed company is not high. On the other hand.China’s capital market constantly standarding and self-improvementing, for reliable effective information investors put forward higher demand, and pay more attention to the supervision department of the listed company information disclosure requirements, making China’s capital market is gradually to regulate information disclosure. Information disclosure linking the investor with the listed company, the quality of the information disclosure has important influence to investors’decisions. Because asymmetry of information can’t predict accurately the future’s risk, and in this case, investors will improve the ecpected returns to increase the cost of equity capital of the listed companys.So the quality of informative disclosure and cost of equity capital have important connection. Based on this consideration, this paper will do more comprehensive discussion on the influence of the quality of informative disclosure with cost of equity capital of the listed company.Foreign using the way of theoretical and empirical combination to research the correlation of the quality of informative disclosure and cost of equity capital of listed company, confirmed that improving information disclosure quality, the listed companys will make the cost of equity capital reduction correspondly. Reviewing the research results of the abroad, mainly from the the angle of liquidity and the risk resrch the correlation. Our country as a young capital market, laws and regulations are unsound and operation mechanism are not perfect. Summarizes the research results of the relevant domestic and foreign research results will be more is in China’s capital market on the results of inspection. This article mainly focuses on research in our country’s capital market under the environment of the listed company information disclosure for rights mechanism of the effect of the cost of capital. At the same time, the distinction between scholars to overall before more than listed companies as a sample.this paper prepared to high-tech listed company as the breakthrough point, compared with the general listed companies, rearching what the the quality of informative disclosure influences the cost of equity capital.This paper put our country in the shenzhen stock exchange listing A shares listed companies in2007-2009years of data as the statistical sample. Discusses the development of the Chinese securities market, the period of the market has the characteristics of its own, the listed company of information disclosure could reduce the quality of its equity capital cost? High-tech listed company and general listed companies, in comparison with high investment, high yield, high risk the features in the financing process because of the lack of necessary collateral, or the relevant technology as intangible assets not reasonable evaluation can not be used in mortgage debt, not effective debt financing, and more inclined to equity financing, based on the above reasons, high-tech listed company information disclosed the quality cost of capital for rights influence whether more big? All these studies, the hope can make the listed company realized disclosure quality for its financing the influence of cost, and urges the consciousness of improving the quality of the information disclosure, indirectly promoting capital healthy and orderly development of the market.At the same time,the paper hopes to provide reference for the quality of informative disclosure and the cost of equity capital of the listed company.This paper introduced all kinds of calculation methods of cost of equity capital of the listed companys:the capital asset pricing model (CAPM model), APT model, GLS model and so on.eventually selected Ohlson-Juettner expected capital cost model measure appear on the market the company rights and the size of the cost of capital, Based on the characteristics of China’s capital market, choose the shenzhen stock exchange of the ratings measure information disclosure quality. In the control variables in the selection process, the main consideration financial index, corporate governance index of the listed company, the influence of equity capital cost, in the model into coefficient, the company scale, financial leverage coefficient, book value, total return on assets than, the proportion of the independent directors7variables as the control variables. Through the analysis of the regression results, the listed company’s information disclosure quality and equity capital cost is inversely related, namely the listed company information disclosure of the higher the quality, the rights and the cost of capital will be corresponding reduce; also confirmed that the high-tech listed company as a special kind of company,compared with generally the listed company, the quality of informative disclosure effects more cost of equity capital.Finally, according to the analysis of regression results, combined with the characteristics of China’s capital market, this paper puts forward relevant policy suggestions:improving information disclosure laws and regulations, strengthening internal management, improvging CPA’s verification quality, etc.and show that the problems in the study and follow-up research direction.