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随着供给侧结构性改革的进一步推进,资本市场的注册制度改革再次受到关注。注册制改革主要是以信息披露为中心,进一步完善信息披露规则,则本文选取了1 883个上市企业作为研究对象,采用了分位数回归的方法研究信息披露对股权融资成本的影响。全国的数据表明信息披露与股权融资成本的任意分位点处都显著负相关,在提高信息披露质量来降低股权融资成本的回报率上,主板上市企业高于中小板和创业板上市企业;长三角区域的企业高于珠三角和京津冀区域的企业;长三角区域的中小板上市企业则高于同一区域的主板和创业板上市企业。
With the further structural reform of the supply side, the reform of the registration system in the capital market has once again drawn attention. The reform of registration system mainly focuses on information disclosure and further improves the rules of information disclosure. This paper selects 1 883 listed companies as the research object and adopts quantile regression to study the impact of information disclosure on the cost of equity financing. National data show that information disclosure and equity financing costs are significantly negatively related to any sub-sites, improve the quality of information disclosure to reduce the cost of equity financing rate of return, the main board listed companies higher than the small plates and GEM listed companies; Enterprises in the triangle area are higher than those in the Pearl River Delta and Beijing-Tianjin-Hebei region; that in the Yangtze River Delta area is higher than that of the main board and the GEM listed company in the same area.