Analysis' Tracking Behavior,Quality Of Information Disclosure And Cost Of Equity Capital Of Listed Companies

All along,information and capital constitute the two most basic elements of the capital market,investors in the market are paying more and more attention to the level of information disclosure of listed companies.However,the level of information disclosure affects the interests of all parties concerned in the capital market.Therefore,whether it is investors or the company itself,or regulators,they all think that the quality of information disclosure is of great significance to the cost of equity capital,Pay more and more attention to the relationship between the two.At present,many scholars have studied it from two main aspects:one is from the point of view of risk;the other is from the perspective of liquidity?The quality of information disclosure can not be separated from the securities analyst.Especially the seller analysts,they use their professional knowledge to analyze and interpret the professional of the company,and eventually in the form of reports will export company information.Ultimate,transferred to the capital market investors,providing valuable information for capital market investors when making investment decisions.At the same time,the paper adopts the method of theoretical analysis and empirical test.To evaluate the quality of information disclosure by the evaluation results of the listed companies of Shenzhen Stock Exchange,and to study the influence of it on the cost of equity capital.On this basis,we add a new variable.How will the cost of equity capital be affected by the two variables of the tracking behavior and the quality of information disclosure?The content of this paper is divided into seven chapters.First of all,this paper reviews and reviews the related literature,put this as the theoretical support of the content of the article.A large amount of literature research has studied the relationship between the quality of information disclosure and the cost of equity capital,the analyst tracking variables are introduced in this paper.by observing and tracking the number of analysts in a listed company,it is judged that after adding analyst tracking behavior variables,changes in the quality of information disclosure of listed companies and the changes in the cost of equity capital arising from the listed companies.Secondly,based on the theory of efficient market and the theory of asymmetric information,the analyst's tracking behavior,the quality of information disclosure and the cost of equity capital,the relationship between the three,the relevant assumptions.Thirdly,the regression model is established by selecting samples and variables,multiple regression analysis was conducted and the regression results were further tested,Thus strengthening the research conclusions of this paper.Finally,the conclusions of this study show that,there is a negative correlation between the analyst tracking behavior and the company's cost of e quity capital,and the quality of information disclosure plays an intermediary role between the analyst's tracking behavior and the cost of equity capital.In the last chapter of this article,relevant policy suggestions are put forward according to the conclusions mentioned above.