会计信息稳健程度影响股权融资成本的实证研究——来自中国上市公司2012-2015年的经验证据

An Empirical Research for the Effects of Accounting Conservatism Degree on Cost of Equity Capital——Empirical Evidence from Listed Companies in China from 2012 to 2015

会计稳健性,在现代会计环境下,已成为最受关注的信息质量特征之一,并且其应用有不断加强的趋势,而股权成本的高低则是影响到企业生存发展至关重要的因素。稳健会计信息对股权成本是否有影响?如何影响?文章利用2012-2015年中国A股上市公司公开发布的资本市场信息,对稳健会计信息与股权成本两者之间的关系进行实证检验,研究结果表明,会计信息稳健程度与股权成本之间存在显著的负向相关关系。研究为降低股权成本拓宽了一个视角,同时也为论证会计稳健会计信息具有提高资本配置效率的作用提供了经验证据。

In the modern accounting environment,accounting conservatism has become one of the most closely watched information quality characteristics; and its practical application has an increasing tendency. The cost of equity is the most important factor that affects the survival and development of enterprises. Does the stable accounting information have an impact on the cost of equity? How is it affected? The article utilized the information of capital market released by Chinese a-share listed companies from 2012 to 2015,empirically tested the relationship between stable accounting information and the cost of equity. The result shows that there is a significant negative relation between accounting conservatism degree and the cost of equity. The research has widened a perspective to reduce the cost of equity; at the same time,it also provides empirical evidence to demonstrate the effect of accounting conservatism accounting information on improving capital allocation efficiency.