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解决代理冲突的方法之一是股东通过采取加强信息披露的手段对管理层进行外部监督,而信息披露可以缓解信息不对称使得股权资本成本降低。本文以2010-2013年沪深两市A股非金融类上市公司的经验数据为样本,采用OJ模型来估算股权资本成本,分别检验了我国企业在自愿披露与强制披露阶段,披露内部控制鉴证报告对股权资本成本的影响。研究发现,在这两个阶段中,企业披露标准无保留意见的内部控制鉴证报告都能使其股权资本成本显著降低。本文针对处于强制披露内部控制鉴证报告阶段的企业的进一步研究表明:由国际“四大”出具的标准无保留意见的内部控制鉴证报告的企业其股权资本成本相对偏高。
One of the ways to solve the agency conflict is that the shareholders supervise the management by adopting the means of strengthening information disclosure, and the information disclosure can ease the asymmetric information and reduce the cost of equity capital. Based on the empirical data of A-share non-financial listed companies in Shanghai and Shenzhen from 2010 to 2013, the paper uses OJ model to estimate the cost of equity capital. It examines the voluntary disclosure and mandatory disclosure of Chinese enterprises, and discloses the internal control assurance report Impact on the cost of equity capital. The study found that in both phases, the company’s standard unqualified internal control assurance report can significantly reduce its cost of equity capital. In this paper, further studies on companies that are in compulsory disclosure of internal control verification report show that the cost of equity capital of enterprises with standard unqualified internal control certification issued by the international “Big Four” is relatively high.