新会计准则、盈余透明度与资本成本

China's New Accounting Standards,Earnings Transparency and Cost of Capital

本文采用一种新的计量方法衡量会计盈余透明度,并研究盈余透明度与股权资本成本的关系,在此基础上从合并报表理论变革和公允价值的视角研究新会计准则对盈余透明度的影响。结果显示:盈余透明度与股权资本成本负相关,新会计准则对少数股东损益计量方法的变更与公允价值的引入显著增加了盈余透明度,同时,研究发现新会计准则的实施削弱了盈余透明度与资本成本的关系。

In this paper, a new measurement method has been adopted to measure the transparency of accounting earnings and examine the relationship between the cost of equity capital and earnings transparency. The impact of China＇s new accouming standards has also been studied on earnings transparency from the perspective of consolidated financial statemere theory and fair value. The empirical results show that ：the cost of equity capital is negatively associated with earnings transparency;due to new accounting standards,changes of accounting treatment for minority interest income and introduction of fair value increase earnings transparency significantly. It is also found that the new accounting standards weaken the relationship between the cost of capital and earnings transparency.