年报篇幅与公司的权益融资成本

摘要/Abstract

摘要：

随着国内外证券监管机构对上市公司信息披露制度的逐渐规范和细化，上市公司的年报篇幅呈现逐年上涨的趋势，近年来引起了国内外学者的广泛关注。本文利用中国A股上市公司的年度观察样本，通过手工收集整理上市公司的年报篇幅数据，实证检验了年报篇幅对上市公司权益融资成本的经验影响关系。结果发现：（1）上市公司的年报篇幅越长，其权益融资成本越低，意味着篇幅更长、信息披露更详细的公司年报有利于缓解外部投资者面临的信息不对称问题，因而公司股权融资所需要支付的信息风险补偿也就比较低。（2）相对而言，年报篇幅对公司权益融资成本的降低作用在非国有企业比在国有企业更强，在由非国际四大会计师事务所审计的公司比在由国际四大审计的公司表现得更强。这些结果在经过内生性、主要变量度量方法等多个方面的稳健性测试后仍然稳健成立。本文进一步还发现，较长的年报篇幅也有利于降低公司的债务融资成本。本文的研究结论对于理解上市公司年报篇幅的日益增长问题及其经济后果以及降低上市公司的融资成本等方面都具有重要的实践启示。

关键词: 年报篇幅, 权益融资成本, 产权性质, 外部审计质量, 债务融资成本

Abstract:

As security regulators in the world specify and refine the disclosure requirements and systems for listed companies, corporate annual report length is increasing year by year. This trend has drawn wide attention from domestic and foreign scholars. Using firm-year observations of Chinese A-share listed firms with hand-collected data of annual report length, we investigate the effect of annual report length on corporate cost of equity capital. We find that:(1) Firms with longer annual reports have lower cost of equity capital, indicating that longer and more detailed annual reports can help alleviate the problem of information asymmetry that investors face, and thus focal firms can pay lower costs for equity financing; (2) The negative association between annual report length and corporate cost of equity capital is more pronounced in non-state-owned enterprises and in companies that hire non-big 4 auditors. The above conclusions are ro-bust after controlling for the endogeneity problem, main variable measurement and estimation method choice. Furthermore, we find that annual report length also can help reduce the cost of debt financing. Our findings provide important policy implications for understanding why corporate annual reports become increasingly longer, what economic consequence will be caused and how to reduce corporate finan-cing cost.

Key words: annual report length, cost of equity capital, nature of property rights, external audit quality, cost of debt

罗进辉, 彭逸菲, 陈一林. 年报篇幅与公司的权益融资成本[J]. , 2020, 32(1): 235-245.

Luo Jinhui, Peng Yifei, Chen Yilin. Annual Report Length and Corporate Cost of Equity Capital[J]. , 2020, 32(1): 235-245.

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