The Study On The Impacts Of Types Of Information Disclosure On The Cost Of Equity In Different Market Situation

With the development of society and economy,the regulation of information disclosure among listed enterprises is becoming increasingly strict.However,the situation is till not satisfied.Under the background of immature and fluctuating captital market in China,the impacts of types of information disclosure on the cost of equity are uncertain.Besides,although information disclosure contributes to attracting the investors' attention to ease information asymmetey,the effect mechanism of investors' attention on the relationship between types of information disclosure and the cost of equity should be further researched.Therefore,on the basis of predecessors' research,this article,which combines the different market situation with types of information disclosure,based on the data of Shanghai 180 samples of stock,is an empirical research about the impacts of types of information disclosure on investors' attention,as well as the impacts of investors' attention on the cost of equity.Besides,it also explores the intermediary effect of investors' attention between types of information disclosure and the cost of equity.At last,this article will put forward the policy suggestions according to the result of data analysis.The results show that the variables influence differs under the different market situation.Firstly,the impacts of types of information disclosure on investors' attention differ in different market situation.in more detail,types of information disclosure cannot cause the changes of institutional investors' attention while good news can cause the increase of individual investors' attention in bull market.However,compared with bull market,good news can cause the increase of institutional investors' attention while bad news increase individual investors' attention in bear market.Secondly,the effects of investors' attention on the cost of equity are diverse in separated market.Institutional investors' attention brings the increase of cost of equity in both bull market and bear market,which differs from individual investors' attention,it reduces the cost of equity in bull market but cannot cause the changes of the cost of equity in bear market.Thirdly,only the intermediary effect of institutional investors' attention exsits in bear market,none of other intermediary effect exsits in separated market.Finally,in order to reduce the information asymmetry and balance the devolpment of capital market,the listed enterprises should promote the level of information disclosure continuously.At the same time,the regulators should contribute to developing institutional investors and guiding the individual investors.