上市公司应计质量与信息风险和权益资本成本之关系  

Accrual Quality,Information Risk and Cost of Equity Capital: Based on Empirical Evidence of China's Listed Companies

作　　者：许慧[1] 

机构地区：[1]广东工业大学管理学院,广东广州510520

出　　处：《现代财经（天津财经大学学报）》2013年第1期118-129,共12页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(70872110);广东工业大学博士启动基金项目(113016)

摘　　要：借用DD模型和资本定价模型(CAPM)对我国上市公司应计质量和权益资本成本之间的关系进行研究,结果发现外部投资者能对应计质量进行有效的市场定价,较差的应计质量会增加公司的信息风险,以致提高其权益资本成本。与此同时,在将应计质量分为固有应计和可操纵性应计后,发现两者的信息风险含量存在差异,较高的固有应计质量更能降低信息风险,与权益资本成本的关系更为显著由于应计质量所采用的计量指标是应计的波动性,籍此可认为,盈余中应计波动性越高,其信息风险就越高,权益资本成本也就越高,这在一定程度上说明我国资本市场是能区分质量好坏的公司,从而能有效引导资源的优化配置。研究发现,行业因素、账面市值比、企业规模、企业成长性和财务杠杆等因素对权益资本成本影响显著,但对此解释学术界仍有明显分歧。In this paper,borrowing DD model and the capital pricing model（CAPM） the accrual of China＇s listed companies,to study the relationship between accrual quality and cost of equity capital,founding poor accrual the quality of listed companies will increase information risk,so that increasing its cost of equity capital,while it divided into the innate accruals and discretionary accruals,the information of innate accruals and discretionary accruals are different,the higher innate accruals,the less information risk,and the relationship is more prominent,due to the accrual of quality indicators used in measuring the accrued volatility,this can also be argued that surpluses in the higher accrual volatility,then the higher information risk,the higher the cost of equity capital,which to some extent,shows that our capital market is able to distinguish between good and bad quality of the company so that they can effectively guide the optimal allocation of resources,while also being the study found that industry factors,book value ratio,firm size,business growth,financial leverage on the cost of equity capital significantly affected the findings for China＇s capital market investors,listed companies,financial behavior and decision-making and decision-making to provide theoretical and empirical basis.

关 键 词：应计质量 信息风险 权益资本成本 固有应计 

分 类 号：F233[经济管理—会计学]