社会规范、财务报告质量与权益资本成本

发布时间：2018-03-01 10:42

本文关键词： 社会规范财务报告质量权益资本成本环境污染　出处：《金融研究》2013年02期 　论文类型：期刊论文

【摘要】：在正式制度建设不健全的新兴市场,非正式制度作为一种替代机制,对公司的治理及其资源配置发挥着重要作用。本文从社会规范的角度,考察了非正式制度对财务报告的作用,以及这种作用对权益资本成本的影响。结果发现,违反社会规范的公司为了降低法律风险和提高市场关注,提供了比其他公司更高质量的财务报告;但是,由于社会规范的制裁,这类公司财务报告质量的提高,并未降低其权益资本成本;甚至在一定条件下,反而使其因对社会规范的漠视而承担了更高的权益资本成本,遭到了资本市场的惩罚。本文既从社会规范的角度拓展了公司治理研究,也为新兴市场如何更好地发挥社会规范的治理作用提供了启示。
[Abstract]:As an alternative mechanism, informal institution plays an important role in corporate governance and resource allocation in emerging markets where formal institutions are not perfect. This paper examines the effect of informal institution on financial reporting and its impact on the cost of equity capital. The results show that companies violating social norms in order to reduce legal risk and increase market concern, Provides financial reports of higher quality than other companies; however, because of the sanctions imposed by social norms, the improvement in the quality of financial reporting by such companies does not reduce the cost of equity capital; even under certain conditions, On the contrary, it bears a higher cost of equity capital because of its disregard of social norms, and is punished by capital market. This paper not only expands the research of corporate governance from the angle of social norms, Also for emerging markets how to better play the governance role of social norms to provide inspiration.
【作者单位】：西南财经大学会计学院;
【基金】：西南财经大学“211工程”三期青年教师成长项目(项目批准号211QN2011024) 国家社会科学基金(项目批准号10XJL0012)的资助
【分类号】：F233;F224

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