Disclosure and the Cost of Capital: A Survey of the Theoretical Literature
综述了信息披露如何影响资本成本的理论研究，梳理了资产定价理论、自愿披露、异质信念、投资者基础、流动性冲击、盈余管理和代理问题等渠道，并探讨了生产决策与资本成本的关联及对投资者福利的影响。
This article offers a survey of theoretical research on disclosure and the cost of capital. We summarize the current state of the literature and discuss the channels through which information affects the cost of capital. After giving an overview of asset pricing theory, we examine the rationale for an accounting risk factor or an ex-ante effect of information on the cost of capital. Then, we discuss the role of voluntary disclosure, heterogenous beliefs, investor base, liquidity shocks, earnings management, and agency problems as determinants of the cost of capital. Linkages between productive decisions and the cost of capital, and their implication for investor welfare, are also examined.