金融生态环境、盈余质量对企业资本成本影响的实证分析

Empirical Analysis of the Influence of Financial Ecological Environment and Earnings Quality on Capital Cost of Enterprises

以中国2005～2007年间1971家上市公司的年度数据为样本,运用面板数据分析方法,分别检验了金融生态环境和最终控制人性质对公司盈余质量的影响,同时也进一步检验处于不同金融生态环境中的由性质不同的控制人控制的公司的盈余质量对企业资本成本的影响。研究发现,处于金融生态环境好的公司的盈余质量反而较低,而国家作为最终控制人能够改善公司的盈余质量;公司提高盈余质量能够显著降低资本成本,但是处于不同金融生态环境的公司和是否由国家控制的公司,盈余质量的改善对资本成本降低的影响程度不同。以上研究的证据表明,单纯优化外部金融生态环境对公司盈余质量的提高和资本成本降低的影响作用不明显;只有从公司产权性质等内部机制和外部环境两个方面进行改善,才能提高上市公司的盈余质量,优化资源配置效率。

The paper tests the influence of financial ecological environment and nature of the ultimate controller on earnings quality of enterprises separately by using the annual data of 1971 listed companies in China from 2005 to 2007. Furthermore, a test is made on the influence of earnings quality of different companies controlled by different controllers in different financial ecological envi- ronment on the capital costs of the companies. Research shows that the earnings quality of compa- nies with good financial ecological environment is lower, and country as tlae ultimate controller can improve a firm＇s earnings quality; the increase of firm＇s earnings quality can decrease capital cost significantly, but to different degrees depend on the financial ecological environment and whether the companies are controlled by the country. The above evidence shows that it is not enough by optimizing the external financial ecological environment alone to improve earnings quality and decrease capital cost. Only by improving both the internal mechanism and the external environment, can we increase the earnings quality of listed companies and optimize the efficiency of resource allocation.