共查询到20条相似文献,搜索用时 15 毫秒
1.
2.
Philip Gray Ping-Sheng Koh Yen H . Tong 《Journal of Business Finance & Accounting》2009,36(1-2):51-72
Abstract: Recent theoretical work argues that information risk is a non-diversifiable risk factor that is priced in the capital market. Using accruals quality to proxy for information risk, Francis et al. (2005) provide empirical support for this argument using a sample of US firms. This paper re-examines the interplay of accruals quality, information risk and cost of capital in Australia, where a number of important institutional and regulatory differences are hypothesized to affect the relation between accruals quality and cost of capital. The results suggest that, while accruals quality impacts on the cost of capital for Australian firms, some salient differences exist. In contrast to findings for US firms, the costs of debt and equity for Australian firms are largely influenced by accruals quality arising from economic fundamentals (i.e., innate accrual quality) but not discretionary reporting choices (i.e., discretionary accrual quality). This finding is consistent with our predictions based on the Australian institutional and regulatory environment. In addition, using both the asset pricing tests in Francis et al. (2005) and Core et al. (2008) , we provide evidence consistent with accruals quality being a priced risk factor. 相似文献
3.
本文以沪深两市2003年576家上市公司为研究样本,以权益资本成本为因变量,以本文所构建的投资者保护指数为自变量,运用多元回归方法对两者关系进行检验分析。研究发现:投资者保护与权益资本成本呈显著负相关关系,即使在考虑了公司规模、Beta系数、行业影响等因素后,两者之间的负相关关系仍然显著,这就证明我国上市公司虽然整体投资者保护水平不高,但公司之间的保护程度仍有重大差异;我国证券市场上的投资者已经能够在一定程度上区别对待投资者保护水平不同的上市公司。 相似文献
4.
Abstract: The purpose of this paper is to provide some new evidence on the relationship between disclosure and the cost of equity capital. We propose a new specification for the empirical test based on the idea that in the previous models one crucial variable was missing: accounting policy choice. We test our theoretical hypothesis using a sample of Spanish firms quoted on the Spanish continuous market from 1999 to 2002. We adopt the ex-ante approach to measure the cost of equity capital, taking analysts predictions as a proxy for expected earnings. As an explanatory variable we use an index measuring annual report disclosure quality. This measure of disclosure is combined with a proxy for the accounting policy choice of the firm. We measure firms' conservatism using the modified Jones model of Dechow et al. (1995) to estimate discretionary accruals. Our results confirm that the relationship between disclosure and cost of capital is affected by the choice of accounting policy. 相似文献
5.
We investigate the ability of disclosed operating cash flow and indirect accruals components to explain annual returns for a sample of Australian firms. Consistent with claims made by accounting standard setters, we find evidence of significant explanatory power for disclosed operating cash flow components beyond aggregate operating cash flows when they also have significant incremental predictive power for future (one year ahead) operating cash flows. Accrual components also have incremental explanatory power for returns. In addition, we find evidence of significant explanatory power for operating cash flow components beyond estimates of the components (based on other financial statement disclosures) for firms with large differences between disclosed and estimated components. 相似文献
6.
基于资本成本的股利决策分析 总被引:1,自引:0,他引:1
冯曰欣 《中央财经大学学报》2007,(3):91-96
在委托代理关系和信息不对称条件下,公司经理应以资本成本决策股利支付,贯彻资本成本观念。公司经理资本成本观念是在资本成本作用机制下形成的,需要具备一定的条件。我国上市公司股利支付的随意性表明,公司经理缺乏资本成本观念,其原因在于资本成本作用机制所要求的条件不具备,因此,规范上市公司股利支付行为应从健全资本成本作用机制所要求的条件入手。 相似文献
7.
Abstract: Using a unique international setting where the effects of disclosure on firm value can be measured in a constant regulatory environment and in isolation of other confounding factors, this paper shows that firms can increase their value through their choice of accounting standards. Specifically, we document strong positive abnormal returns at the announcement of voluntary adoption of International Accounting Standards (IAS / IFRS) by a sample of international firms and an economically significant reduction in long-run returns, consistent with a reduction in the cost of capital. Consistent with these results we also document evidence of an upgrade in analyst recommendations after the IAS / IFRS adoption announcement and a reduction in the implied cost of capital. Finally, we find strong evidence that the documented abnormal returns are consistent with signaling and bonding benefits stemming from the reduction in asymmetric information. Our results highlight the importance of increased disclosure on minority shareholder protection and on corporate governance in general. 相似文献
8.
公司的资本成本与投资理性——来自沪深上市公司的证据 总被引:1,自引:0,他引:1
本文对我国上市公司的投资行为及其影响因素进行了实证研究。结果表明:(1)上市企业的投资决策受资本成本的约束显著,符合市场理性;(2)企业投资对内部现金流、外部负债融资和股权融资都具有敏感性,但回归系数依序递减,可能说明了不同融资形式的成本差异;(3)产品市场需求增长为企业带来了有价值的投资机会,具有拉动企业投资的显著作用。 相似文献
9.
We compare risk premia (RP) inferred using the Ohlson-Juettner (RPOJ) and residual income valuation (RPRIV) models in three ways: (1) correlation with risk factors; (2) correlation with RP estimated by multiplying current realizations of risk factors by coefficients obtained from regressing prior-year RP on prior-year risk factors; and (3) correlation with ex post returns. RPOJ has expected correlations with risk factors, a modest correlation with RP estimated from prior-year regressions, and an economically significant association with ex post returns. RPRIV has generally higher correlations, but regression coefficients are sensitive to whether the industry median ROE is computed with or without loss firms. 相似文献
10.
Martin Lally 《Journal of Business Finance & Accounting》2002,29(9&10):1301-1318
This paper shows that, when as usual the market portfolio is proxied by a share portfolio, then the conventional Ibbotson (1999) estimator of the market risk premium violates Miller–Modigliani (1958 and 1963) propositions II and III. A new estimator of the market risk premium is proposed which is free of these defects. In addition, across the range of market leverages experienced in the US in the period 1952–1997, it generates estimates of the market risk premium that differ from those generated by the Ibbotson methodology by up to 2.5 percentage points, and weighted average costs of capital for firms that differ by up to 2.6 percentage points. 相似文献
11.
Quality of Corporate Social Responsibility Disclosure and Cost of Equity Capital: Lessons from China
Shaofang Li 《新兴市场金融与贸易》2018,54(11):2472-2494
This article explores the relationship between the quality of corporate social responsibility (CSR) disclosure and the cost of equity capital by analyzing the financial data and CSR reports of A-share listed firms in China from 2008 to 2014. The quality of the CSR disclosure is shown to be negatively related to the cost of equity capital of the listed firms. This negative correlation proves to be more prominent among firms of environmentally sensitive industries. Taking the ownership of the listed firms into consideration, it is further confirmed that the negative relationship between the CSR disclosure and the cost of equity capital is of higher significance for state-owned enterprises. Our findings also empirically demonstrate that the quality of CSR disclosure is more negatively related to the cost of equity capital among the large listed firms than the smaller ones. 相似文献
12.
The proper treatment of debt finance in current cost accounting has been the subject of considerable debate in the literature, and there is considerable variation in the official standards issued in different countries. Opposition to making a'gearing adjustment'against income seems to be due in part to doubts as to whether or not such treatment is compatible with physical capital maintenance. This article considers the financing implications of treating debt in this fashion in an entity (a) whose revenue is set at a level to ensure that replacement and financing costs are just covered and (b) which renders accounts on a discounted present value basis. It is shown that as long as debt is treated in a fashion consistent with the concept of'real income'employed there is no problem. 相似文献
13.
本讨论了在有调整成本存在的情况下上市公司资本品的影子价值(包括实物资本和无形资本的价值)、资本利用率与上市公司质量之间的关系,修正了现有的理论模型。在利用该模型对中国泸深两市有代表性的上市公司的实证研究中发现,(1)资本影子价值的变化能够较好地反映上市公司长期发展状况。(2)资本利用率的波动与上市公司的短期经营状况有着紧密的联系。(3)资本影子价值与资本利用率之间的关系体现了公司长期发展与短期产出水平之间的关系。 相似文献
14.
Muhammad Q. Islam 《International Tax and Public Finance》1998,5(4):489-498
The welfare cost of capital income taxation is analyzed utilizing intertemporally dependent preference operationalized using a variable rate of time preference. It is shown that if households exhibit increasing marginal impatience, then the welfare cost of capital income taxation is inversely related to the elasticity of the rate of time preference with respect to consumption. Therefore, the welfare cost of capital income taxation reported using time additive preferences may not be robust. Numerical examples show that the use of time additive preferences could result in the welfare cost of capital income taxation to be overestimated by as much as 25%. 相似文献
15.
Peter Easton† 《Journal of Business Finance & Accounting》2006,33(3-4):374-394
Abstract: I critically examine several of the methods used in the recent literature to estimate and compare the cost of capital across different accounting/regulatory regimes. I focus on the central importance of expectations of growth beyond the short period for which forecasts of future pay‐offs (dividends and/or earnings) are available. I illustrate, using the stocks that comprised the Dow Jones Industrial Average (DJIA) at December 31, 2004, as an example, the differences between the growth rates implied by the data, and growth rates that are often assumed in the literature. My analyses show that assumptions about growth beyond the (short) forecast horizon may seriously affect the estimates of the expected rate of return and may lead to spurious inferences. 相似文献
16.
This paper augments the Jones (1991) model with operating cash flows and lagged accruals to evaluate the impact of (1) the negative association between accruals and concurrent cash flows, (2) the positive association between accruals and lagged cash flows, and (3) the reversal of accruals. I find that operating cash flows greatly improve the explanatory and predictive power of the Jones model; but, lagged accruals do not. A market test of the expected and unexpected components of accruals indicates that unexpected accruals are on average informative with respect to concurrent stock returns; however, the market does not fully understand the implications of accruals anticipated at the beginning of the return period.This paper has benefited from helpful comments and suggestions from Tae Hee Choi, In-Kyu Moon, and two anonymous reviewers on earlier versions of this paper. The author gratefully acknowledges the financial support from the Queens School of Business. 相似文献
17.
高岩芳 《内蒙古财经学院学报(综合版)》2011,9(5):17-20
成本管理会计作为一门新兴的会计学科,伴随着西方各种管理理论的产生、科技进步和现代化管理水平的提高而形成和发展.成本管理会计纳入我国高校教学体系,尽管时间不长,已经展现其重要意义,但教学实践中仍然存在一些问题.为更好的适应高校为社会培养合格应用型人才的目标,探讨成本管理会计教学模式的改革,势在必行. 相似文献
18.
Abstract: This paper explores the industry cost of equity capital for the UK. We replicate the Fama and French (1997) US analysis for UK industries, but additionally investigate the industry cost of equity capital obtained from a conditional CAPM, the Cahart (1997) four factor model, and the Al-Horani, Pope and Stark (2003) R&D model. In line with the Fama-French US results, the out of sample performance of all the models is disappointing Whilst the FF3F model has a somewhat higher explanatory power than the CAPM in terms of explaining past returns, the SMB and HML factor slopes show considerable variability through time. However, all our models of the cost of equity capital in the UK outperform a simple 'beta one' model, a result that has implications for the regulatory process. There is also some evidence to suggest that a conditional CAPM may be of interest to regulators. The new R&D model of Al-Horani et al. clearly has potential, in that over the limited period for which data is available it yields return errors not dissimilar to those found under the FF3F model, but exhibits slope coefficients on the fourth R&D factor that seem to be relatively stable. 相似文献
19.
Diderik Lund 《International Tax and Public Finance》2002,9(4):483-503
Traditionally the pre-tax cost of capital is a function of the interest rate and the tax system. However, uncertainty implies that the market's required return is no single interest rate, but depends on risk. Different tax systems split risk differently between firm and government. Thus the required expected return after corporate taxes depends on the tax system. Expressions for this are derived, based on a CAPM-type model. The weighted average cost of capital is decreasing in the tax rate, even for fully equity financed projects. This effect can be substantial, but is neglected in much of the literature. 相似文献
20.
D.J. Johnstone 《Journal of Business Finance & Accounting》2015,42(1-2):79-100
Before information ? arrives, market observers must be uncertain whether the stock price conditioned on ? will be higher or lower than the current price. Otherwise there is an obvious arbitrage opportunity. By assuming this minimal condition of efficient markets, it is shown under the mean‐variance CAPM that information that leaves the future value of a firm more certain, in the sense that its perceived covariance with the market is reduced towards zero, can lead to a higher expected return on that asset. A further result is that it is theoretically possible that the required return on the stock will necessarily fall after observing signal ?, or (in other circumstances) that it will necessarily rise. In general, information that allows better discrimination between firms leads some firms to have higher costs of capital and other firms to have lower costs of capital. Less obviously, better discrimination between firms can induce a higher average cost of capital across the market. 相似文献