新租赁准则与股权资本成本——基于投资者信息分类偏差的视角  

New Leasing Standards and the Cost of Equity Capital:From the Perspective of Investor Information Classification Deviation

作　　者：邹颖[1] 黄其晴 YING ZOU;QIQING HUANG

机构地区：[1]首都经济贸易大学会计学院 [2]杭州电子科技大学会计学院,浙江省杭州市310018

出　　处：《中国会计评论》2024年第1期35-82,共48页China Accounting Review

基　　金：国家社会科学基金项目(20BGL072);浙江省教育厅一般科研项目(Y202351885);杭州电子科技大学科研启动基金项目(KYS145623126)的资助。

摘　　要：本文基于类别构建理论(category construction's theory),以新租赁准则实施前后承租方的差异化信息披露机制为切入点,以2013—2020年披露承租业务的A股上市公司为样本,使用双重差分模型实证检验新租赁准则的股权资本成本效应。研究发现,新租赁准则显著降低了承租公司的股权资本成本。作用机制检验显示,这一积极信号主要源于股权投资者的信息分类偏差,并非信息披露内容与信息披露质量改善所致,即股权资本配置效率未实质性提升。进一步分析表明,新租赁准则的信息分类偏差效应贯穿信息传递全流程。异质性分析显示,当承租业务依存度越高、承租动机越强、承租信息担保力度越大时,新租赁准则的股权资本成本效应越明显。扩展性分析发现,媒体关注度与地区市场化程度同样会强化新租赁准则对股权资本成本的抑制作用。本文揭示了新租赁准则的信息分类偏差效应,实现了对会计制度变迁经济后果研究的具体化延伸,为既有相关研究结论的差异性提供了合理解释,并拓宽了信息理论的应用范围。Based on the category construction theory,this paper selects A-shared listed companies from 2013 to 2020 that disclosed the leasing business as research example and empirically tests the cost of equity capital effect of the the new leasing standards based on the difference-in-difference(DID)model.In the principal hypothesis test,this paper shows that the new leasing standards significantly reduces the cost of equity capital of lessee companies.In the mechanism test,the paper finds that this positive signal is mainly due to the information classification deviation of equity investors,rather than the effective identification of information content and information quality,that is,the efficiency of equity capital allocation has not been substantially improved.In the further analysis,this paper finds that the information classification bias effect of the new leasing standards runs through the whole process of information transmission.Heterogeneity analysis shows that the relationship between the new leasing standards and the cost of equity capital is more pronounced in lessee companies with leasing dependence,motivation and information guarantee.Expansion analysis shows that the media attention and the regional marketization will also strengthen the inhibitory effect of the new leasing standards on the cost of equity capital.By revealing the information classification bias effect of the new leasing standards,this paper has realized the concrete expansion of the research on the economic consequences of accounting system changes,provided a reasonable explanation for the differences in existing research conclusions,and broadened the implementation scope of information theory.

关 键 词：新租赁准则 股权资本成本 承租业务 股权资本配置 信息分类偏差 

分 类 号：F233[经济管理—会计学] F275[经济管理—国民经济] F832.51