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本文利用深证中小板2012至2014年的股票数据作为样本研究了不同公司信息披露质量对其资本结构的影响,我们用深圳证券交易所发布的信息评级来衡量信息披露质量,用资产负债率作为衡量资本结构的代理变量。通过对自变量和控制变量进行的面板数据回归分析,得出较高信息评级的公司往往其负债融资或者说杠杆率较低,也就是说信息披露越充分,资产负债率越低,资本结构就越优化。
In this paper, using the stock data of Shenzhen Stock Exchange from 2012 to 2014 as a sample to study the impact of the quality of information disclosure on the capital structure of different companies, we use the information rating issued by Shenzhen Stock Exchange to measure the quality of information disclosure, using the asset- A proxy variable that measures the capital structure. Through the panel data regression analysis of independent variables and control variables, companies with higher information ratings tend to have less debt financing or leverage ratio, which means that the more information disclosure, the lower the debt ratio, the capital structure The more optimized.