后趋同时代的权益资本成本异质性分析

Heterogeneity Analysis of Cost of Equity after IFRS Convergence

本文以我国A股上市公司会计准则趋同前后的数据为样本,采用多元回归方法和双重差分分析,并控制了股权分置改革的影响,对趋同后权益资本成本的下降进行异质性分析,并检验引致异质性的潜在制约因素。研究发现趋同后国有控股公司比非国有控股公司的权益资本成本下降得更多,制度环境和管理层动机是制约非国有控股公司受益于会计准则国际趋同的重要因素。本研究厘清了会计准则国际趋同的作用机理,拓展了我国会计准则国际趋同经济后果研究。为转轨经济体有效实施会计准则国际趋同策略提供了框架思路,监管层必须注重推进外部市场化建设,并加强对管理层盈余管理的监管。

With the samples of listed A-share companies in China around IFRS convergence, applying multiple-regression and difference-in-differ- ence analysis with Equity Division Reform controlled, this paper analyses the heterogeneity with respect to the reduction in the cost of equity capital after convergence, and furthel^nore investigates the potential restrictive factors causing the heterogeneity. The results show that state-controlled companies have experienced a greater cost reduction than non-state-controlled companies. The further analyses find that institutional settings and management incentives are critical restrictive factors for non-state-controlled companies to benefit from IFRS convergence. These findings enrich the literature of economic conse- quences of accounting standards convergence, by clarifying the mechanism of international convergence of accounting standards. To effectively implement IFRS-converged accounting standards in transitional economies, it is significant for authorities to strengthen the development of external marketisation and the governance of incentives for earnings management.