정보비대칭과 타인자본비용의 관계 연구

This study examines the relationship between the information asymmetry and the cost of debt capital. Previous studies insist that disclosure levels are negatively correlated with the cost of debt. This assumes that large volume(high quality) of disclosure decrease information asymmetry in capital market, which reduces the cost of debt capital. But, there is no direct evidence for positive relation between the information asymmetry and cost of debt capital. The samples are obtained from the Kis-Value and Fn-Guide, listed on Korean Stock Exchange from 2000 to 2009. The constraints of sample selection procedures yield a final sample of 4,148 firm-year observations. This study finds that the company with high the information asymmetry has statistically high cost of debt capital, even after controlling for the variables that are known to affect yields. More, the relations are strong in financial distress. The finding of this study suggests that information asymmetry affects the firms' costs of debt equity. This paper contributes to the literature on the cost of debt capital by showing that information environment of capital market can affect the borrowers' wealth. This evidence illustrates that the company should relieve the information asymmetry for the lower cost of debt capital.