会计信息可比性降低了股权融资成本吗  

Comparability of Accounting Information Reduces the Cost of Equity Capital

作　　者：张永杰[1] 尹林辉 酒莉莉 ZHANG Yongjie;YIN Linhui;JIU Lili(School of Accountancy,Jiujiang University,Jiujiang Jiangxi 332005;Business School,Gannan Normal University,Ganzhou Jiangxi 341000;School of Economics and Business Administration,Chongqing University,Chongqing 400044)

机构地区：[1]九江学院会计学院,江西九江332005 [2]赣南师范大学商学院,江西赣州341000 [3]重庆大学经济与工商管理学院,重庆400044

出　　处：《国际商务（对外经济贸易大学学报）》2019年第6期135-152,共18页INTERNATIONAL BUSINESS

基　　金：国家自然科学基金项目“机构投资者调研、制度环境与企业投资效率”(71762002)

摘　　要：以2005~2017年我国沪深A股上市公司数据为样本,基于信息不对称视角研究了会计信息可比性对股权融资成本的影响。研究发现:会计信息可比性与股权融资成本显著负相关,且这种负相关性随着信息不对称程度的提高而增强。这一结论在采用Heckman两阶段法、差分模型和固定效应方法控制潜在的内生性影响后依然成立。进一步研究发现,公司内外部监督力量越弱,会计信息可比性对股权融资成本的降低效应越显著。研究结论有利于为政策制定者和监管者从可比性层面优化会计信息披露及监管机制提供参考,为管理者降低股权融资成本提供经验证据。Taking Shanghai and Shenzhen A-share listed companies from 2005 to2017 as samples,this paper studies the impact of accounting information comparability on equity financing cost from the perspective of information asymmetry.It is found that the comparability of accounting information is negatively correlated with the cost of equity financing,and such negative correlation increases with the degree of information asymmetry.This conclusion is also valid after controlling the potential endogenous effects with Heckman two-stage method,difference model and fixed effect method.Further research finds that the weaker the internal and external supervision of the company,the more significant the effect of accounting information comparability on the reduction of equity financing costs.The conclusion of the study is helpful for policy makers and regulators to optimize accounting information disclosure and supervision mechanism from the comparability level,and provides empirical evidence for managers to reduce the cost of equity financing.

关 键 词：会计信息可比性 股权融资成本 信息不对称 内部监督 外部监督 

分 类 号：F234.4[经济管理—会计学] F830.91[经济管理—国民经济]