公司治理环境、准则变迁与股权资本成本——基于沪深A股市场的经验证据

Corporate Governance Environment,Standard Transition and the Cost of Equity Capital:Empirical Evidence Based on Shanghai and Shenzhen A-share Market

会计准则变迁能有效改善会计信息质量，并提高市场流动性和降低股权资本成本。本文研究在考虑公司的治理环境因素时，其影响的机制和原理如何。本研究利用中国沪深A股市场2003-2010年的数据，首先研究了准则变迁对股权资本成本的影响，随后又加进了市场化程度、减少政府对企业的干预和金融业市场化程度公司治理环境变量，分析了它们对准则变迁与股权资本成本二者关系的调节效应。结果表明：会计准则变迁导致了股权资本成本增加；公司治理环境与股权资本成本负相关，公司治理环境使得准则变迁、股权资本成本二者之间负相关；相对于非国有企业，国有企业的公司治理环境对准则变迁、股权资本成二者之间的关系的调节效应更弱。

Accounting standards transition can effectively improve the accounting information quality, and increase market liquidity and reduce the cost of equity capital. When considering the corporate governance environment factors, what are the impact of the mechanism and principle？ Using China＇s Shanghai and Shenzhen A-share market data from 2003 to 2010, first we studied standards transition influences on the cost of equity capital. Then added into the marketization degree, reduced government intervention and financial marketization degree that are the enterprise corporate governance environment variables, we studied the moderate effect of the relationship between standards transition and the cost of equity capital. The results show that the accounting standards transition will increase the cost of equity capital; Corporate governance environment is negatively related to the equity capital cost, and the factor of corporate governance environment influences the standards transition, and it is negative correlation between standards transition and the cost of equity capital; Relative to the non-state-owned enterprises, this negative correlation is much weaker among the state-owned enterprises.