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随着沪港通正式启动,我国资本市场迈出国际化重要一步,新常态下迎来新机遇的同时,也面临竞争更加激烈的市场环境和新的挑战。然而,随着资本市场日趋复杂,上市公司的强制性信息披露已不能更加全面详细的说明公司的经营状况,无法满足投资者的需求。上市公司的资本成本与自愿性信息披露有着紧密联系。格力电器为研究对象,实证分析其近几年自愿性信息披露的变化对资本成本的影响,提出政策建议。
With the official launch of the Shanghai-Hong Kong Stock Connect, capital markets in our country have taken an important step toward internationalization. While new opportunities are welcome under the new normal, we are also facing a more competitive market environment and new challenges. However, with the increasingly complicated capital market, mandatory information disclosure of listed companies can no longer fully explain the company’s operating conditions and can not meet the needs of investors. The capital cost of listed companies is closely linked with the voluntary disclosure of information. As the research object, Gree is empirically analyzed to analyze the impact of the change of voluntary information disclosure on the cost of capital in recent years and put forward the policy suggestions.