股权分置改革、会计稳健性与资本成本

以我国股权分置改革为背景,采用2000—2011年沪深A股上市公司作为研究样本,对会计稳健性与资本成本之间的关系进行研究,结果表明:会计稳健性程度越高的企业权益资本成本和债务资本成本越小;股权分置改革后会计稳健性与债务资本成本间的负相关关系显著增强,股权分置改革前后会计稳健性与权益资本成本之间的负相关关系没有显著变化。

Equity Division Reform,Accounting Conservatism and Capital Cost

In this paper, we use A shared listed companies in Shanghai and Shenzhen from 2000 to 2011 as samples, and explore the relationship between accounting conservatism and the cost of capital in the context of the equity division reform. The results show that, the higher the degree of accounting conservatism, the lower the cost of equity capital and debt capital. After corporate equity division reform, the negative relationship between accounting conservatism and the cost of debt capital is significantly enhanced. We find that the negative relationship between accounting conservatism and cost of equity capital make no difference after equity division reform.