会计准则国际趋同、国有股权与股权资本成本——来自中国A股市场的经验证据

Convergence of Accounting Standards, State-owned Shares,and Cost of Equity Capital: Evidence from A-share Stock Market of China

从股权资本成本的角度,将股权资本成本视作全体股东对公司期望回报的综合水平,剖析并检验了我国会计准则国际趋同的经济后果及其作用的内在机理。研究表明:会计准则国际趋同显著降低了股权资本成本;国有股权显著影响股权资本成本,不同性质股权对会计准则国际趋同的反应程度不同;在我国特殊的制度背景和市场环境下,国家股东具有私人信息优势和较低的风险厌恶程度,国有股权的预期回报低于其他股权,其因会计准则国际趋同而降低的股权资本成本低于其他股权。

From the point of view of the cost of equity capital, this paper defines the cost of equity capital as the averaged expected return of all shareholders, and explores the economic consequences and the inner mechanism of the convergence of accounting standards. The results show that the convergence of accounting standards significantly lowers the cost of equity capital. Further study, where the institutional background and market environment in China are taken into consideration, finds that owing to the private information advantages and low risk adverse of the state - owned shareholders, the expected return of the state - owned shares is lower than that of other shares, and the reduction in cost of equity capital caused by the convergence of accounting standards is less than that of other shares.