会计信息质量与市场定价分析

本文以应计质量、盈余持续性、盈余可预测性、盈余平滑度作为会计信息质量的代理变量,通过研究会计信息不同纬度的质量与权益资本成本之间的关系,为投资者的市场定价及对信息质量的关注程度提供证据。研究结果表明,除盈余的持续性不显著外,其他各项质量与权益资本成本之间均呈负相关关系;在对权益资本成本的影响程度方面,无论是单独影响还是条件影响,应计质量影响程度最大,其次是可预测性。

Analysis of Quality of Accounting Information and Market Price

This paper examines the relation between the cost of equity capital and four attributes of earnings: quality, persistence, predictability and smoohthness, which imply how the investors price these accounting information supply evidences of the attention extent of information quality .The results show that other traits are correlated negatively with equity capital; earnings quality has the strongest effects on the cost of equity capital ,and then the predictability.