机构投资者异质性、会计稳健性与股权融资成本——来自中国上市公司的经验证据

Institutional Investors Heterogeneity,Accounting Conservatism and the Cost of Equity:Evidence from China's Listed Firms

本文以我国2007-2012年的A股上市公司为研究对象,从异质机构视角检验了会计稳健性对股权融资成本的影响。经验证据表明,会计稳健性与股权融资成本之间显著负相关,说明了稳健的财务信息有助于降低资本市场上的股权融资成本。进一步分析表明,与交易型机构投资者相比,稳定型机构投资者加剧了会计稳健性与股权融资成本之间的负相关关系。本文的研究结果也为监管机构制定发展机构投资者的政策提供了重要的参考。

In this paper,we use the sample data of Shanghai and Shenzhen A-share listed companies between 2007 and 2012 to explore the relationship between accounting conservatism and the cost of equity on the basis of the perspective of institutional investors heterogeneity. Empirical evidence shows that accounting conservatism has a significant negative effect on the cost of equity,and this also illustrates that the prudent financial information helps to reduce the cost of equity. Further analysis shows that,compared with unstable institutional investors,the stable institutional investors enhance the negative relationship between accounting conservatism and the cost of equity. The findings of this paper also help to provide an important reference for regulatory agencies to make policies for developing institutional investors.