近年来，随着国家相关部门越来越强调企业信息披露的可读性，年报可读性受到众多学者关注。本文选取2013-2023年沪深A股上市公司为研究对象，对年报可读性与企业资本成本之间的关系进行实证研究。研究发现，年报可读性越低，企业资本成本越高。丰富了年报可读性的经济后果研究，也为企业、监管部门和投资者提出相关建议。

In recent years, as the relevant national departments increasingly emphasize the readability of corporate information disclosure, the readability of annual reports has attracted the attention of scholars. This paper selects listed companies on the Shanghai and Shenzhen stock exchanges from 2013 to 2023 as research objects, andically studies the relationship between the readability of annual reports and the cost of corporate capital. The study found that the lower the readability of the annual report, the higher cost of corporate capital. This enriches the research on the economic consequences of annual report readability and provides relevant suggestions for enterprises, regulatory authorities, and investors.