Investor Attention,Information Disclosure Quality And Corporate Financing Costs

The financing costs are undoubtedly important for the survival and development of enterprises.Excessive financing costs will cause enterprises to fail to produce and develop normally and even risk bankruptcy.A company's financing cost is affected by many factors.With the rapid development of Internet technology in recent years,people are more and more used to obtaining the information they need on the Internet,and the role of paper media has gradually been replaced.The rise of various social software such as Weibo and WeChat has broadened the channels for investors to obtain information.Compared with traditional paper media,information on the Internet is easier to comment and repost,so as to pass it to more investors.This fissionable information transmission method improves the efficiency of information acceptance in the capital market.In addition,the quality of information disclosure also has a significant impact on corporate financing costs.As a bridge connecting enterprises to the outside world,information disclosure is an important measure to effectively alleviate information asymmetry between internal and external investors.With China's information disclosure system becoming more and more perfect,information disclosure is of great significance to the entire capital market.This paper explores the impact of corporate external factor investor attention and corporate internal factor information disclosure quality on its possible impact on corporate financing costs.This article takes 2014-2018 GEM listed companies as a research sample and excludes some financial and ST companies according to certain criteria.The main independent variable investor attention is measured by the web crawler's posting data obtained from Oriental Fortune Stocks.The quality of information disclosure is manually collected by the Shenzhen Stock Exchange every year.The remaining relevant financial data is mainly obtained from CSMAR and RESSET database.Regression of relevant data by SPSS and Stata software to verify the validity of the proposed research hypothesis.And because the variable of information disclosure quality is added,another interaction item is tested.To test the impact of the interaction between the two on financing costs.The results of the study show that investor attention has a significant negative correlation with equity financing costs,but not with debt financing costs.The quality of information disclosure has a certain negative correlation with the cost of equity financing and the cost of debt financing.Through further research,it is found that investor attention and the quality of information disclosure show a certain complementary relationship.When other conditions are controlled,the higher the investor attention,the greater the impact on the cost of equity financing.Similarly,higher quality of information disclosure will cause the greater impact of investor attention on equity financing costs.Finally,from the perspective of investor attention and the quality of information disclosure,some suggestions were made for investors,market regulators and listed companies.First of all,investors should learn to properly screen social software on the market,use social software reasonably,and increase their own channels for obtaining correct information.Secondly,regulators should guide the use of software correctly,and act as an intermediary between listed companies and investors,and establish corresponding platforms.Listed companies should also establish more official channels for communication with investors,and pass information to investors in a timely manner to reduce investors' search costs.And listed companies themselves need to strengthen internal management and improve the quality of information disclosure.