多元化经营对公司资本成本的影响——基于盈余质量的分析

The Impact of the Diversification on the Cost of Capital——Study based on the Earnings Quality

本文以沪、深A股主板938家上市公司2001—2006年数据为研究样本,将样本公司划分为多元化公司和专业化公司,以盈余质量为视角研究多元化经营对公司资本成本的影响。在研究过程中本文将公司盈余质量分解为固有应计质量和操控性应计质量,经过对模型中交互项分析,我们发现多元化公司由于操控性应计质量低导致资本成本高于专业化公司。因此,本文认为企业在实施多元化经营的同时,致力于提高操控性应计质量会降低资本成本,从而增加公司价值。

In this paper,the impact of diversification on the company＇s cost of capital was studies from the measure of earnings quality,sampling from data of 938 companies listed on Shanghai and Shenzhen A Exchange from year 2001 to year 2006.In the study,the earnings quality was divided into discretionary and inherent accruals qualities.By interaction analysis on variables in the two models,the results indicated that the cost of capital of the diversified companies is higher than one of the specialized companies due to the lower discretionary quality.Therefore,the conclusion is drawn that improving the discretionary accruals quality of the diversified company will reduce the cost of capital,and then increase the value of company.