本研究以21個亞洲國家公司為樣本，探討財務資訊揭露品質與權益資金成本之關聯性，並進一步分析該關聯性是否會因跨國間制度性因素而產生變化。本研究發現資訊揭露品質與權益資金成本呈現負相關，意即揭露品質較高的公司可取得較低的資金成本，在相關內生性與分析師預測偏誤盈餘測試後，實證結果仍然穩健。此外，本研究進一步探討各國法制對該關聯性的影響，實證結果顯示在投資者保護越差的國家，資訊揭露品質與權益資金成本越有負向關係。在額外測試中，本研究亦發現在低法治、高權力距離與低國內生產毛額的國家，該負向關聯性更加明顯。因此，在法律環境差、權力距離高與國內生產毛額低的國家，公司可用資訊揭露品質向市場投資人傳遞其財務報表可靠之訊息，進一步降低權益資金成本。

I examine the relation between disclosure quality (DQ) and cost of equity capital (COE) and further analyze whether this relation (DQ-COE relation) varies with institutional factors across 21 Asian countries. I find that firms with higher DQ have lower COE and the results remain significantly negative in robustness checks which are based on addressing endogeneity concerns and noise of optimistic bias in analyst forecasts. In addition, this study sheds light on the effect of a legal institutional factor on the DQ-COE relation. The results show that DQ-COE relation is more negative in poor investor protection countries. I further find DQ-COE relation is more pronounced in countries with low rule of law, high power distance, and low gross domestic product (GDP). Collectively, firms operating in countries with poor institutions can signal the reliability of financial reporting by increasing DQ, thereby reducing COE.

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