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Article

Влияние раскрытия информации о финансовых обязательствах на затраты на собственный капитал

Макушина Е. Ю., Новосёлова К. А.

Companies needs investments on different life-cycle stages and have to choose the source of financing. Companies' managers try to reduce costs of raising funds, particularly, the cost of equity. One of the instruments trough which they can influence risk and, as a consequence, the cost of equity. Taking investment decisions, investors analyze all the information about company's performance. Over last ten years the interest for financial statements where assets, liabilities, shareholders' equity, incomes and expenses are reported at fair value increased noticeably. Moreover, companies' managers are sure that reporting financial liabilities at fair value can lead to the decrease in the cost of equity. However, the existing researches of the relationship between fair value accounting of financial liabilities and cost of equity demonstrate contradictory results. In this article the regression model was used to investigate this relationship for Russian companies. The results obtained illustrate that the volatility of liabilities reported at fair value influences the cost of equity. It confirms the hypotheses that changes in fair value of financial liabilities can be used by investors as the indicator of company's credit risk.