|
|||||
|
|
| 稳健会计信息、权益资本成本与公司投资效率——基于中国A股市场的经验性证据 | |
| 引用本文： | 王静,郝东洋,张天西.稳健会计信息、权益资本成本与公司投资效率——基于中国A股市场的经验性证据[J].经济与管理研究,2013(2):52-61. |
| 作者姓名： | 王静 郝东洋 张天西 |
| 作者单位： | 1. 上海交通大学安泰经济与管理学院,上海市,200052 2. 华东师范大学商学院,上海市,200241 3. 上海交通大学安泰经济与管理学院 |
| 基金项目： | 国家自然科学基金项目"信息技术环境下企业财务呈报研究" |
| 摘 要： | 基于中国上市公司的信息披露现状,采用2002～2008年A股公司数据,证实了存在于会计稳健性水平与公司权益资本成本之间的负相关关系,同时发现会计稳健性水平与投资不足水平、投资过度水平均存在负相关关系,这表明稳健会计作为一项有效的信息呈报机制,在增进中国上市公司投资效率、提高公司价值方面发挥了重要作用. |
| 关 键 词： | 会计稳健性 权益资本成本 投资不足 投资过度 |
| 收稿时间： | 2012/11/12 0:00:00 |
Conservative Accounting Information, Cost of Equity Capital and Company's Investment Efficiency——Empirical Evidence from the Sample of Chinese A-share Stock Market |
|
| WANG Jing,HAO Dong-yang,ZHANG Tian-xi.Conservative Accounting Information, Cost of Equity Capital and Company's Investment Efficiency——Empirical Evidence from the Sample of Chinese A-share Stock Market[J].Research on Economics and Management,2013(2):52-61. | |
| Authors: | WANG Jing HAO Dong-yang ZHANG Tian-xi |
| Abstract: | Based on the information disclosure of Chinese listed companies,this paper investigates the data of the A-share listed companies 2002-2008.The results indicate that there is a negative correlation between the level of accounting conservatism and the cost of equity capital.Meanwhile,the correlation between accounting conservatism and underinvestment/overinvestment is also negative.Thus the paper draws a conclusion that accounting conservatism,as an efficient mechanism of information disclosure,plays an important role in enhancing investment efficiency and market value of Chinese listed companies. |
| Keywords: | |
| 本文献已被 万方数据 等数据库收录！ | |