中文摘要：

为揭示上市公司信息供给与公司资本成本之间的内在关联，从投资者的角度出发，考虑信息不对称情形下建立效用最大化模型求解资产均衡市场价格和公司资本成本．基于上述模型，分析了信息不对称情形下的资本成本的决定机制．通过分析，得出的主要结论为：公司资本成本和信息精度、信息的传播范围成反比，即信息的精度越大、传播范围越广，公司资本成本越小．所以上市公司为了降低资本成本应该全面充分的披露信息．

英文摘要：

In order to find out the intrinsic correlation between information disclosure and corporate value, a model is built by considering the asymmetry information to calculate equilibrium market price and capital cost, which illustrates how information affects price and capital cost. Based on this model, further analysis is made on how the information affects the capital cost. Then conclusion is drawn that： there is an inverse relationship between the capital cost and information precision, also the same between capital cost and information awareness ratio, which means that the more precise or aware the information is, the less the capital cost would be. So the listed company should disclose its information fully in order to reduce its capital cost.