行业竞争、信息质量与股权资本成本  

Industry Competition,Information Quality and the Cost of Equity Capital

作　　者：张军华[1] 

机构地区：[1]河南财经政法大学会计学院,郑州市450011

出　　处：《经济与管理研究》2012年第8期47-54,共8页Research on Economics and Management

基　　金：国家社会科学基金项目“资本成本约束、可持续分红与国有企业价值创造”(11BGL026);教育部人文社会科学基金项目“资本成本、价值创造与中国国企EVA考核研究”(10YJA630146)

摘　　要：本文以2003～2009年沪深两市A股上市公司为样本,用信息精确度作为信息质量的替代变量,考察了行业竞争、信息质量与股权资本成本之间的关系。研究结果表明,行业竞争越激烈、公开信息质量越高,则股权资本成本越低;私有信息质量对股权资本成本的影响不显著,公开信息质量与私有信息质量之间的互补效应也不会对股权资本成本产生影响。在降低股权资本成本方面,行业竞争程度与公开信息质量之间存在互补关系。Based on the sample of A-share listed companies from 2003 to 2009, this paper examines the association between industry competition, the quality of information and the cost of equity capital. The empirical results show that the cost of equity capital decreases with increasing industry competition and good quality of public information, but the quality of private information and the supplementary effect between the quality of public and private information have no significant influence on the cost of equity capital. There is substitutive relationship between industry competition and the quality of public information in reducing the cost of equity capital.

关 键 词：公开信息 私有信息 精确度 行业竞争 股权资本成本 

分 类 号：F234.4[经济管理—会计学]