公司声誉与权益资本成本实证关系研究.pdf

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1、增加对公司股票的认知度，扩大或维持一个庞大的投资者基础并且导致权益资本成本的降低。最后，具有良好声誉的公司可以向信息使用者提供较高质量的财务报告（Caoetal.2012），和相对较高的盈余质量，从而能够在一定程度上降低信息不对称程度，进而可以降低权益资本成本（Francisetal.2004，2005；Barthetal.2013）。所以，声誉较高的公司能够享受到相对较低的权益资本成本，因为他们较高的盈余质量在一定程度上降低了信息不对称性。本文通过验证权益资本成本的一个影响因素公司声誉为增加资本成本文献做出了贡献，通过论述

2、创建和维护较高声誉的重大好处为声誉文献的构建也做出了贡献。关键词：公司声誉权益资本成本信息不对称隐性契约ABSTRACTEnterprisefinancingisanimportantaspectofenterprisemanagementsystem，theequityfinancingasthemainfinancingwayofenterprises，playsanimportantroleinthecapitalmarkets.Thereductionofcostofequitycapitalisnotonlyimp

3、ortanttothelistedcompany，andtoimprovetheefficientallocationofcapitalmarket，optimizingtheallocationofresourceshasimportantinfluence.Inviewofthis，thisarticlethroughtoliteraturereviewandsummarizationoftheresearchresultsinthepastaboutthecompany'sreputationandcostofequi

4、tycapital，selecttheappropriatefinancialdataoflistedcompany，thisarticleselectsthe2010-2013ShanghaiandshenzhenmainboardA-sharelistedcompaniesandthelistedcompanytobevotedin"China'smostadmiredcompanies"，weinvestigatewhethercompanieswithbetterreputationenjoyalowercostof

5、equityfinancing.Thestudyfoundthatthehigherreputationcompanycanundertaketolowerthecostofequitycapitalfinancing，evenaftercontrollingforotherfactorsthataffectthecostofequitycapital.Maysafelydrawtheconclusionthatthecompanywhoownsgoodreputationgivethepositivesignalstoin

6、vestors，enterprisescaleislarger，themorediversification，toresisttheriskofsystemriskandnon-systemriskabilityisstronger，itiseasiertowinthetrustofinvestors，andreducethecostofdebtfinancingandequityfinancingofenterprise；Investors，ofcourse，itwillalsoconsiderenterprise'sgr

7、owth，becausethehigherthegrowthofenterprisewillbringthemhigherreturnoninvestment，accordingly，alsowillbeabletogetthefavorofinvestors.Inaddition，accordingtothenatureofpropertyrightsandthewholesamplewasdividedintostate-ownedenterprisesandnon-state-ownedenterprises，tore

8、turntwosubsamplerespectively，theresultsshowthattherelativetothestate-ownedenterprises，thecompany’sreputationinnon-stateenterpriseareevenmoreimpor