关键词: 分行业信息披露监管, 股权融资成本, 价值筛选, 经营风险, 公司治理

Abstract: Information is the foundation for the efficient operation of the capital market, thus the construction of information disclosure system plays a key role in improving the functions of the capital market. Taking the Industry Information Disclosure Guidelines issued in batches by Shanghai and Shenzhen Stock Exchanges as exogenous shock events, this paper examines the impact and mechanism of information disclosure regulation by industries on the financing cost of corporate equity. The results show that the information disclosure regulation by industries can significantly reduce the financing cost of corporate equity. The mechanism analysis reveals that the information disclosure regulation by industries can alleviate information asymmetry between internal and external parties of the company, reduce the operational risks of companies, optimize corporate governance structures, and ultimately reduce the financing cost of corporate equity. The economic consequence analysis shows that the information disclosure regulation by industries can increase the actual earnings and expected values of companies. Therefore, the regulatory authorities should improve the regulatory system for industry-based information disclosure, the company management should actively disclose the industrial operating information, and the investors should take the non-financial information disclosed by firms as an important basis for decision-making.

Key words: information disclosure regulation by industries, financing cost of equity, value screening, operating risk, corporate governance