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《Journal of Beijing Normal University(Natural Science)》 2006-04
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EQUILIBRIUM ASSET PRICING MODEL BY CONSIDERING THE ASYMMETRY INFORMATION

Liang Yumei Li Honggang(School of Management,Beijing Normal University,100875,Beijing,China)  
In order to find out the intrinsic correlation between information disclosure and corporate value,a model is built by considering the asymmetry information to calculate equilibrium market price and capital cost,which illustrates how information affects price and capital cost.Based on this model,further analysis is made on how the information affects the capital cost.Then conclusion is drawn that: there is an inverse relationship between the capital cost and information precision,also the same between capital cost and information awareness ratio,which means that the more precise or aware the information is,the less the capital cost would be.So the listed company should disclose its information fully in order to reduce its capital cost.
【Fund】: 国家自然科学基金资助项目(70371073)
【CateGory Index】: F224
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【References】
Chinese Journal Full-text Database 1 Hits
1 Liang Yumei Li Honggang(School of Management,Beijing Normal University,100875,Beijing,China);INSIDER TRADING AND INFORMATION EFFICIENCY[J];Journal of Beijing Normal University(Natural Science);2007-04
【Citations】
Chinese Journal Full-text Database 1 Hits
1 Wang Wei & Jiang Gaofeng (College of Economics,Zhejiang University);Information Disclosure,Transparency and the Cost of Capital[J];Economic Research Journal;2004-07
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 ZHENG Zhi-lai,YUAN Ru-hua(School of Business,Hohai University,Nanjing 210098,China);A theoretical analysis of the unreasonable telephone expense in mobile communication trade[J];Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition);2006-01
2 Jiang Shuxia Dai Tao;Literature Review of Law and Financial Studies and Its Implication to China[J];Finance & Economics;2007-05
3 He Yuhai1 Zhao Zebin2 An Shi3;Strategy of Valuation on Target Firm Based on Information Disclosure[J];Finance & Economics;2007-09
4 LIN Zhong-gao,XU-Hong,TANG Liang (Accounting Department,Anhui University of Technology,Ma'anshan 243002,China);Shareholding Structure,Disclosure of Internal Control & Enterprise Value[J];Collected Essays on Finance and Economics;2009-01
5 LIU Shan-min1,2,LIN Bin2,NIE Yi-jun2(1.School of Economics and Business,South China Normal University,Guangzhou 510006,China;2.School of Business,Sun Yat-sen University,Guangzhou 510275,China);Investor Relations Management (IRM) and the Cost of Equity Capital:Evidence from Internet Investor Relation Management[J];Journal of Finance and Economics;2008-05
6 Qin Xiufen (Guangdong Yuanguang soft Co.,Ltd.,Zhuhai,Guangdong 519085);Analysis of Quality of Accounting Information and Market Price[J];Communication of Finance and Accounting(Academy Version);2007-06
7 Cui Wei He Yifeng(Guanghua School of Management, Peking University;China Government Securities Despositery Trust & Clearing CO.LTD, Beijing 100871);Accounting Information Quality and Firm Investment Behavior——Empirical Evidence from China Stock Market[J];Communication of Finance and Accounting(Academy);2008-06
8 Yu Chunjiang(Management School, Xiamen University,Xiamen,Fujian 361005);Review on the Measurement of Corporate Transparency——A Discussion of the SZSE's Annual-rating on the Information Disclosure of Listed Corporate[J];Communication of Finance and Accounting(Academy);2008-06
9 ZHANG Hong-liang1,2 CUI Xue-gang1(1.Business School,Beijing Technology and Business University,Beijing 100048;2.Mobile Post-Doctoral Center of Business Administration,Nankai University,Tianjing 300071);IRM,Corporate Value and Investor Protection:An Empirical Study Based on the Appraisement Result of Top Secretaries of Directorate[J];Finance and Trade Research;2009-04
10 WAN Lunla,WANG Liping,JIANG Youguang(School of Liberal Arts and Economics,Hefei University of Technology,Hefei 230009,China);An Empirical Study on Factors Affecting Information Disclosure of Chinese Listed Companies:Based on Evidence from Yangtze River Delta Area's Listed Companies[J];Industrial Economics Research;2007-03
【Co-references】
Chinese Journal Full-text Database 1 Hits
1 Gu Juan & Liu Jianzhou (GF Securities CO. LTD);Asymmetrical Information and Stock Pricing[J];Economic Research Journal;2004-02
【Secondary References】
Chinese Journal Full-text Database 1 Hits
1 LI Shi-gang(School of Economics and Business,Beijing Normal University,Beijing 100875,China);Empirical Study on the Insider-Trading and Market in the Reform of Equity Division[J];Hainan Finance;2008-07
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