摘要
在迎合理论和价格压力假说的基础上,选取我国A股上市公司为样本,研究投资者关注对权益资本成本的影响,并检验了中介效应。研究发现:投资者关注与权益资本成本呈现负相关关系;向上盈余管理是投资者关注影响权益资本成本的中介变量。研究结果表明,管理层具有迎合投资者需求的动机,在投资者关注较高时实施向上的盈余管理,能够实现较低的权益资本成本,从而增强公司的融资能力。
Based on the catering theory and price pressure hypothesis,this paper selects China’s A-share listed companies as samples to study the influence of investor attention on the cost of equity capital and test the mediating effect.The study shows that investor attention is negatively related to the cost of equity,and upward earnings management is the mediating variable that affects the cost of equity capital.The management has the motivation to cater to the needs of investors.When investors pay more attention to earnings management,it can achieve a lower cost of equity,and thus improve the ability of potential equity financing.
作者
汤晓冬
陈少华
TANG XiaoDong;CHEN ShaoHua(Xiamen University of Technology, Xiamen 361021;Xiamen University, Xiamen 361005)
出处
《财贸研究》
CSSCI
北大核心
2021年第11期83-96,共14页
Finance and Trade Research
基金
厦门理工学院人才引进项目“学院派高管与会计信息质量”(YSK19005R)
福建省教育厅中青年教师教育科研项目“基于区块链的个人所得税征管问题”(JAS19321)。
关键词
投资者关注
盈余管理
权益资本成本
investor attention
earnings management
cost of equity capital