经营分部信息披露对权益资本成本的影响——基于分析师关注视角  

The Impact of Information Disclosure of Operating Segments on the Cost of Equity Capital:From the Perspective of Analysts Attention

作　　者：杜亚飞 杨广青 陈书涵 DU Yafei;YANG Guangqing;CHEN Shuhan(School of Accounting,Fujian Jiangxia University,Fuzhou 350108,China;School of Economics and Management,Minjiang University,Fuzhou 350108,China;School of Economics and Management,Fuzhou University,Fuzhou 350108,China)

机构地区：[1]福建江夏学院会计学院,福建福州350108 [2]闽江学院经济与管理学院,福建福州350108 [3]福州大学经济与管理学院,福建福州350108

出　　处：《审计与经济研究》2023年第1期61-74,共14页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71673048;72074104)。

摘　　要：以制造业上市公司2014—2019年数据为样本,首先从分部划分确定性、会计信息完整性和经济特征差异性三个维度逐层深入检验经营分部信息披露对企业权益资本成本的影响,然后探究分析师关注的调节作用,最后以是否产能过剩为标准分组进行异质性检验。研究发现:(1)经营分部信息披露的三个维度均无法直接影响权益资本成本,但在分析师关注下,分部划分确定性、会计信息完整性可以降低企业权益资本成本,经济特征差异性则会提高权益资本成本,说明目前我国投资者对经营分部信息处理成本较高,分析师关注是该信息能够发挥效能的必要条件。(2)异质性检验结果显示,产能过剩企业提升分部划分确定性、会计信息完整性可以有效降低权益资本成本,而非产能过剩企业采取该措施会产生相反结果;尽管分析师关注可在一定程度上抑制非产能过剩企业提升分部划分确定性、会计信息完整性对权益资本成本的正向影响,但同时也会加剧产能过剩企业突出经济特征差异性带来的专有成本。This article uses the data of listed manufacturing companies in 2014-2019 as a sample.First,it will go deeper from the three dimensions of segment division certainty,accounting information integrity and economic feature differences to examine the impact of operating segment information disclosure on the cost of corporate equity capital.Then explore the moderating role that analysts are concerned about,and finally test heterogeneity based on whether the overcapacity is the standard group.The study found that:(1)The three dimensions of operating segment information disclosure can not only directly affect the cost of equity capital;but also under the concern of analysts,the certainty of segment division and the integrity of accounting information can reduce the cost of equity capital,while the difference of economic characteristics can increase the cost of equity capital.(2)Heterogeneity test shows that enterprises with overcapacity can improve the certainty of division and the integrity of accounting information can effectively reduce the cost of equity capital.Non-overcapacity companies will take the opposite effect if they take this action.Analysts can suppress the positive impact of non-overcapacity companies on improving the divisional certainty and the integrity of accounting information on the cost of equity capital,while also exacerbating the exclusive costs of overcapacity companies.

关 键 词：经营分部信息 分析师关注 权益资本成本 分部划分确定性 会计信息完整性 经济特征差异性 产能过剩 

分 类 号：F230[经济管理—会计学]