会计稳健性、信息披露与资本成本  

Accounting Conservatism,Information Disclosure and Cost of Capital

作　　者：邹颖[1,2] 李燕茹[1] 

机构地区：[1]首都经济贸易大学会计学院,北京100070 [2]山东财经大学公司财务研究中心,山东济南250014

出　　处：《证券市场导报》2016年第7期33-40,共8页Securities Market Herald

基　　金：国家社会科学基金项目(15BGL066);国家自然科学基金项目(71572117);北京市社会科学基金重点项目(15JGA010);首都经济贸易大学重大科研项目与成果培育计划的资助

摘　　要：本文以中国上市公司的数据实证研究发现:股权资本成本、债务资本成本以及加权平均资本成本与会计稳健性均存在显著的负相关关系;信息披露质量在会计稳健性对资本成本的影响方面产生了显著的中介效应;在剔除了"过度稳健"——盈余操纵嫌疑的影响后,会计稳健性对资本成本的降低效应增强。因此,坚持"真实稳健性"原则有利于降低公司的资本成本。国家会计制度层面,应加强会计信息披露的监管,以促进证券市场的稳定有序、高效运转;公司治理层面,应将稳健性由外在压力转变为内在动力,以降低资本成本,提升价值创造能力。The research with empirical results shows that there is a significant negative correlation relationship among accounting conservatism, cost of equity, cost of debt and weighted average cost of capital. Moreover, as an intervening variable, the quality of information disclosure has a significant intermediary effect. While eliminating the effect caused by excessive conservatism, earnings manipulationsuspicion, there is a stronger correlation relationship between accounting conservatism and the cost of capital. Therefore, adhering to the principle of ＂true conservatism＂helps to reduce the cost of capital of the company. From the aspect of national accounting system, the regulation of accounting information disclosure should be strengthened in order to promote more orderly and efficiently operation in our security market. In terms of the corporate governance, managers should be taking the conservatism as internal driving power than external pressure. As a result, the cost of capital can be reduced, and the value creation abilitycan be improved.

关 键 词：会计稳健性 信息披露 资本成本 

分 类 号：F275[经济管理—企业管理] F234.4[经济管理—国民经济]