新三板企业信息披露质量对其股权融资影响研究
Research on the Influence of Information Disclosure Quality on Equity Financing of NEEQ Enterprises

本文通过对新三板挂牌企业2017年~2019年信息披露相关资料数据进行分析，结果表明：2017年~2019年信息披露质量总体水平呈下降趋势；以定向增发为主的股权融资是新三板挂牌企业融资主要途径之一；高质量的信息披露对企业融资效果起到积极作用，信息披露质量水平越高，会降低企业股权融资成本中的筹资成本，提高融资效率。
Through the analysis of information disclosure related data of NEEQ listed companies from 2017 to 2019, the results show that the overall level of information disclosure quality shows a downward trend from 2017 to 2019. Private placement equity financing is one of the main financing ways for listed companies on the New Third Board. High-quality information disclosure plays a positive role in the financing effect of enterprises. The higher the quality of information disclosure, the lower the financing cost in the equity financing cost of enterprises and the higher the financing efficiency.