上市公司应计质量与信息风险和权益资本成本之关系

发布时间：2019-04-19 20:23

【摘要】：借用DD模型和资本定价模型(CAPM)对我国上市公司应计质量和权益资本成本之间的关系进行研究,结果发现外部投资者能对应计质量进行有效的市场定价,较差的应计质量会增加公司的信息风险,以致提高其权益资本成本。与此同时,在将应计质量分为固有应计和可操纵性应计后,发现两者的信息风险含量存在差异,较高的固有应计质量更能降低信息风险,与权益资本成本的关系更为显著由于应计质量所采用的计量指标是应计的波动性,籍此可认为,盈余中应计波动性越高,其信息风险就越高,权益资本成本也就越高,这在一定程度上说明我国资本市场是能区分质量好坏的公司,从而能有效引导资源的优化配置。研究发现,行业因素、账面市值比、企业规模、企业成长性和财务杠杆等因素对权益资本成本影响显著,但对此解释学术界仍有明显分歧。
[Abstract]:The relationship between accrual quality and equity capital cost of listed companies in China is studied by using DD model and capital pricing model (CAPM). The results show that external investors can effectively price accrual quality in the market. Poor accrual quality increases the company's information risk, thus raising its equity capital cost. At the same time, after dividing the accrual mass into inherent accrual and controllable accrual, it is found that there is a difference in the information risk content between the two, and a higher intrinsic accrual quality can reduce the information risk. The relationship between equity capital cost and equity capital cost is more significant because the measurement index used in accrual quality is accrual volatility, so it can be concluded that the higher the accrual volatility in surplus, the higher the information risk and equity capital cost, and the higher the information risk is, the higher the equity capital cost is. To some extent, China's capital market can distinguish between good and bad quality companies, thus can effectively guide the optimal allocation of resources. It is found that industry factors, book-to-market value ratio, firm size, enterprise growth and financial leverage have significant effects on the cost of equity capital, but there are still obvious differences in the explanation of these factors in academic circles.
【作者单位】：广东工业大学管理学院;
【基金】：国家自然科学基金项目(70872110) 广东工业大学博士启动基金项目(113016)
【分类号】：F224;F233;F832.51

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