公司声誉、审计师声誉与权益资本成本——基于中国民营上市公司的经验证据  

Corporate Reputation,Auditor Reputation and the Cost of Equity Capital--An Empirical Analysis of Chinese Listed Private Companies

作　　者：张嘉兴[1] 余冬根[1,2] 刘艳春[1] 

机构地区：[1]天津财经大学商学院,天津300222 [2]河北工业大学廊坊分校,河北廊坊065000

出　　处：《财经理论与实践》2016年第2期74-79,共6页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金资助面上项目(71272189);教育部人文社会科学研究规划基金(12YJA790193)

摘　　要：以2009~2013年中国沪深两市A股民营上市公司为样本,实证检验审计师声誉、公司声誉与权益资本成本的关系。研究发现：限制其他条件,审计师声誉、公司声誉分别与公司权益资本成本呈显著负相关。进一步研究发现,随着公司自身声誉的逐步建立,审计师声誉对于公司权益资本成本的影响将会逐渐减弱,公司声誉对于审计师声誉具有替代作用。By taking A-share listed private companies in Shanghai and Shenzhen Stock Exchanges from 2009 to 2013as research objects,this paper examines empirically the relation among the auditor reputation,the corporate reputation and the cost of equity capital.The results show that the auditor reputation and the corporate reputation respectively has significant negative correlation with the cost of company＇s equity capital by controlling other conditions.Besides,further study finds that as the corporate reputation is established gradually,the influence of the auditor reputation on the company＇s equity capital cost will be gradually weakened,in another word,the corporate reputation has a substitution effect on the auditor reputation.The findings expand the research of the auditor reputation and corporate reputation mechanism,and provide a valuable reference for the future corporate governance of private companies.

关 键 词：公司声誉 审计师声誉 权益资本成本 民营公司 

分 类 号：F239[经济管理—会计学]