关键词: 信息披露, 成长性差异, 权益资本成本, 分组回归法, 两阶段最小二乘法

Abstract: This paper examines whether and how growth difference moderates the relationship between information disclosure and cost of equity capital. The empirical result shows that growth difference can significantly moderate the relationship between information disclosure and cost of equity capital. Using grouping regression analysis, we find that the higher the information disclosure level with higher growth listed companies, the lower the cost of equity capital. Further research finds that in the high-growth subsample group, the information disclosure has a more significant impact on the cost of equity capital in non-state-owned listed companies. In the low-growth subsample group, information disclosure has a greater significantly influence on the cost of equity capital in state-owned listed companies. After adopting a series of robustness tests such as instrumental variables method and two-stage least-squares method(2SLS), the above conclusions are still valid. The conclusions of this paper provide some enlightenment for companies and regulatory agencies to improve information disclosure system.

Key words: information disclosure, growth difference, cost of equity capital, grouping regression method, two stage least square method