不完全竞争市场中信息相关性对资本成本的影响

摘要

从投资者理性预期出发，以不完全竞争市场和信息相关为前提，以市场微结构理论和投资者信息解读理论为基础，构建了信息披露质量和投资者信息解读能力影响资本成本的模型。研究发现：在非流动性程度及个人投资者解读信息精确度给定条件下，资本市场的均衡是唯一存在的；在其他条件不变的前提下，市场非流动性程度通过投资者的平均信息解读能力和流动性影响因子两个途径影响着资本成本。%Based on the theories of market microstructure and investor＇s interpretation of information, the paper constructs, with imperfect competition market and information relevance as premise, models that capital cost is affected by information release quality and investor＇s information explanatory capability. It finds that the equilibrium of the security market is sole given the illiquidity and the information interpretation precision of individual investors. The illiquidity affects, with all other things being equal, the cost of capital by means of average information explanatory capability of investors and liquidity factors.