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财务报告信息质量、风险与权益资本成本——来自我国沪深股市的经验证据 被引量:1

Financial Report Informaiton Quality,Risk and Equity Capital Cost:Empirical Evidence from Shanghai and Shenzhen Stock Market in China
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摘要 本文以我国沪深股市2007—2013年上市公司为研究对象,检验了财务报告质量、公司信息风险与权益资本成本之间的关系。研究结果表明,财务报告质量并不是投资者需要定价的系统风险因素,而是一种非系统性风险。尽管财务报告质量反映了信息风险的不确定性,但这种公司特定的信息风险并没有被投资者定价,它并不会提高公司的权益资本成本。 This paper and equity capital cost examines the relationship ancong financial taking reporting quality, corporate information risk the listed companies in Chinese Shanghai and Shenzhen stock markets from 2007 to 2013 as a sample. The results indicate that financial reporting quality is not a systematic risk factor investors need to price, but rather an unsystematic one. Although financial reporting quality reflects uncertainties of the information risk, corporate idiosyncratic risk has not been priced by investors, and does not increase the corporate equity capital cost.
作者 冯阳
机构地区 辽宁大学商学院
出处 《财经问题研究》 CSSCI 北大核心 2015年第9期80-84,共5页 Research On Financial and Economic Issues
关键词 上市公司 财务报告信息质量 资本成本 系统性风险 非系统性风险 listed company financial reporting unsystematic risk information quality capital cost systematic risk
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