XBRL、公司治理与权益成本——财务信息价值链全视角  

XBRL,Corporate Governance and Cost of Equity——Based on the Full View of Financial Information Value Chain

作　　者：陈宋生[1] 李文颖[1] 吴东琳[1] 

机构地区：[1]北京理工大学管理与经济学院,100081

出　　处：《会计研究》2015年第3期64-71,95,共8页Accounting Research

基　　金：国家自然科学基金项目(71372016;71372015);教育部高等学校博士学科点专项科研基金(20131101110053);财政部"全国会计领军(后备)人才(学术类)培养项目"的资助

摘　　要：基于我国2005年至2014年上市公司财务数据,检验了我国XBRL的实施对权益成本的影响。从财务信息价值链的起点出发,探讨财务信息传导过程中,公司治理、XBRL和权益成本三者间的互动机理,分析控制人性质对XBRL实施效用的影响。结果表明,XBRL的实施显著降低了权益成本。同时,控制人性质以及整体公司治理水平在XBRL对权益成本影响过程中均起到重要作用,表现为高治理水平的公司权益成本下降幅度大于低治理水平的公司,国有企业权益成本整体下降幅度大于非国有企业。高治理水平组中,国有企业较之配对的非国有企业,权益成本下降幅度大;低治理水平组中,国有企业的权益成本下降幅度却低于配对的非国有公司。This paper first examines the effect of XBRL adoption on the cost of equity.Based on the full view of financial information value chain,in the process of financial information,discusses the interaction mechanism among corporate governance,XBRL adoption and cost of equity and analyzes how control nature affects the effectiveness of XBRL adoption.Our results show XBRL adoption reduces the cost of equity significantly,especially in the firms with high level of corporate governance.After XBRL adoption,the reduction degree of cost of equity in the SOEs is bigger than that in the NSOEs,mainly due to the SOEs with high level of corporate governance.While in the SOEs with low level of corporate governance,the reduction of cost of equity is lower than that in the NSOEs pairing.Both in SOEs and NSOEs,the level of corporate governance has played an important role in the process of XBRL adoption on the cost of equity.

关 键 词：XBRL 公司治理 权益成本 国有企业 

分 类 号：F275[经济管理—企业管理]