【作者】 何玉； 张天西；

【Author】 He Yu Zhang Tianxi (School of Accounting,Nanjing University of Finance and Economy,210046; Management of School,Shanghai Jiaotong University,20005)

【机构】 南京财经大学会计学院； 上海交通大学管理学院；

【摘要】 许多研究发现不同的公司实施的网络财务报告程度存在显著差异。那么,这些不同的网络财务报告程度到底会产生怎样的经济后果呢?目前尚无这方面的实证证据。本文旨在通过中国经验证据,来考察网络财务报告对公司资本成本的影响。本文发现资本成本和网络财务报告程度之间显著负相关。这个发现不仅可以弥补现行这类实证研究的空白,而且表明信息管制部门增加信息披露要求,要求上市公司更高的信息披露水平,有助于增强资本市场的信息透明度,可以缓和资本市场中的信息不对称,降低公司的筹资成本。更多还原

【Abstract】 Many studies found significant different extent of Internet financial reporting amone different firms. Then,what are the economics consequences of different extent of Internet financial reporting amone different firms? However,there is no emipirical evidence like this. Through emipirical data from China,this paper aims to investigate the influence on the cost of capital from Internet financial reporting and finds that the cost of capital is siginificant negatively related to the extent of Internet financial reporting. The finds cannot only make up the blankness of the like studies,but also suggest that the higher level disclosure can enhance the transparency of capitak nmarket and miligate information asymmetry of capital market,which result in lower cost of capital.更多还原