机构持股、会计稳健性与公司权益资本成本——来自中国证券市场的经验证据

Institutional Ownership,Accounting Conservatism and Cost of Equity——Empirical Evidence From China’s Capital Market

笔者以我国证券市场上市公司为研究样本,结合公司的机构持股特征,检验会计稳健性与公司权益资本成本之间的关系,从权益融资的视角考察会计稳健性的经济后果。研究发现,会计稳健性与公司权益资本成本呈负相关关系,会计稳健性有助于降低公司权益资本成本,且会计稳健性的这种作用在机构持股比例高的公司更加显著。

The paper researches the economic consequence of accounting conservatism by analyzing the relationship among institutional ownership characteristic, accounting conservatism and cost of equity of listed companies in China. It is found that accounting conservatism is significantly negative related to cost of equity, and accounting conservatism contribute to lower the company＇s cost of equity, and this negative correlation is more significant in the high proportion of institutional ownership of companies.