Abstract: The high-quality disclosure of credit information can show enterprises’ trusted business operations to investors, enhance investors’ trust in enterprises and reduce the cost of equity capital A-share listed companies from 2015 to 2018 are selected as samples, and text analysis method is used to quantify the quality of annual report credit information disclosure, and test the impact of disclosure quality on the cost of equity capital and the heterogeneity of the impact under different property rights The results show that there is a significant negative correlation between the quality of annual report credit information disclosure and the cost of equity capital Further research on property rights shows that the negative correlation above is more significant in non-state-owned enterprises.

Key words: credit information disclosure quality, cost of equity capital, property rights, text analysis of annual report