Accounting Essay代写:资本成本

2017-02-18 00:44

本文的目的是评估披露水平和资本成本之间的关系，以确定披露水平如何影响资本成本。有一些研究分析自愿性披露和权益成本之间的关联。理论研究，如Bo Botosan（2006）、冰雹和Leuz（2007）检查披露的理论关系，流动性和资本成本。Botosan的研究表明，信息披露更大程度的降低投资者的预测风险，从而降低资本成本。冰雹和Leuz研究，另一方面，表明更高层次的披露降低信息不对称和交易成本。 冰雹和Leuz（2007）认为，投资者的行为特征可作为一种恐惧，更明智的投资者可以购买相同的便宜，因此他们到资本市场。不知情的投资者试图保护自己购买或出售在较低或较高的价格，从而形成买卖价差为次级股票市场和降低股票的数量是由不知情的股东交易。因此，流动性减少由两个效应。博托（2006）认为，披露减少投资者的动机获得昂贵的私人信息。冰雹和Leuz（2007）讨论了披露减少信息的不对称，因此将对不同层次的投资者。因此，它是困难和昂贵的成为私人通知，它也降低了公司的价值的不确定性，从而增加市场流动性。公司价值受低流动性影响，并要求执行投资者交易成本的出价价差。 易和O'Hara（2004）的研究表明，投资者要求更高的回报的公司，拥有更多的私人信息。他们基于公共资产和私人信息对资产回报模型的影响进行研究。他们调查披露降低交易成本，降低所有企业的权益成本。然而，他们不预测横截面的结果是否资本成本较低的经济需要更多的信息或它没有必要。

Accounting Essay代写:资本成本

The purpose of the paper is to evaluate the relationship between level of disclosure and cost of capital, to establish how does level of disclosure affect cost of capital. There were a number of studies that analyze association between voluntary disclosure and cost of equity. Theoretical researches such as Bo Botosan (2006), Hail and Leuz (2007) examine the theoretical relation of disclosure, liquidity and cost of capital. Botosan’s research suggests that the greater level of disclosure reduce investors’ estimation risk, which consequently lowers cost of capital. Hail and Leuz study, on the other hand, suggests that the higher level of disclosure reduce information asymmetry and transaction costs.
Hail and Leuz (2007) argues that uninformed investors’ behavior may be characterized as a fear that more informed investors can buy the same share cheaper, consequently they go to the capital market. Less informed investors are trying to protect themselves buying or selling at the lower or higher price, which forms the ask-bid spread into secondary shares markets and reduce the number of shares are trading by uninformed shareholders. Thus, the liquidity reduces by both effects. Botosan (2006) argues that disclosure reduce investors motivation to obtain costly private information. Hail and Leuz (2007) discussed that disclosure reduce information asymmetry and therefore divide investors on the different levels. Thus, it is difficult and costly to become privately informed and also it reduces the uncertainty of the firm’s value and therefore both increase market liquidity. Company’s value affected by low liquidity and ask-bid spread that enforces transaction costs for investors.
Easly and O’Hara (2004) study suggests that investors request the higher return from the companies, which hold more private information. They based their research on effects of public and private information on the return using the asset-pricing model. They investigate that disclosure reduce transaction costs which lower cost of equity for all firms. However, they do not forecast cross-sectional results whether cost of capital lower necessary in the economy with more information or it does not necessary.

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