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Information Disclosure,Transparency and the Cost of Capital

Wang Wei & Jiang Gaofeng (College of Economics,Zhejiang University)  
The study on the effect of information disclosure level on the cost of equity capital is a matter of considerable interest and importance to the public companies and supervisor,however,the association between disclosure level and cost of capital is not well established and has been difficult to quantify,which is more evident in the developing countries especially. In this paper,we examine the association between the cost of equity capital and voluntary disclosure level by using firm level data of 516 public companies listed in the SSE before 2002. The results suggest that greater disclosure is associated with a lower cost of equity capital after controlling for firm size and financial risk.
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