交易所问询函对权益资本成本的影响研究

Impact Analysis of Inquiry Letters on Cost of Equity Capital

基于2015-2019年间沪深两地交易所年报问询函数据,本文检验了是否收到年报问询函对上市公司权益资本成本的影响。研究发现上市公司收到年报问询函与公司权益资本成本正相关。进一步分析发现,当上市公司会计信息质量较差或当分析师跟踪较少时,公司收到年报问询函对权益资本成本的影响更大;当上市会计信息质量更高或分析师跟踪较多时,公司收到年报问询函对权益资本成本的影响较小。以上结论为我国资本市场中公司提高会计信息质量、优化信息环境、降低信息不对称提供新的思考角度,同时有助于资产评估师更好地了解上市公司、甄别可比对象、理解权益资本成本及其变化。

Using the data of listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2019,we examine the impact of receiving inquiry letters for annual reports on the cost of equity capital.We find there is a significant positive correlation between receiving annual report inquiry letters and the cost of equity capital for the listed companies.Further evidence reveals that,for the listed companies which have low-quality accounting information disclosure or less analyst following,receiving annual report inquiry letters has a greater impact on the cost of equity capital,and vice versa.Our conclusions provide a new perspective for listed companies to improve the quality of accounting information disclosure,optimize information environment,and reduce information asymmetry.At the same time,the study also helps asset valuers to understand the actual situation of listed companies,identify comparable companies,and understand the cost of equity capital and its changes.