CAJ | 학술논문

笔者以我国证券市场上市公司为研究样本,结合公司的机构持股特征,检验会计稳健性与公司权益资本成本之间的关系,从权益融资的视角考察会计稳健性的经济后果。研究发现,会计稳健性与公司权益资本成本呈负相关关系,会计稳健性有助于降低公司权益资本成本,且会计稳健性的这种作用在机构持股比例高的公司更加显著。
필자이아국증권시장상시공사위연구양본,결합공사적궤구지고특정,검험회계은건성여공사권익자본성본지간적관계,종권익융자적시각고찰회계은건성적경제후과。연구발현,회계은건성여공사권익자본성본정부상관관계,회계은건성유조우강저공사권익자본성본,차회계은건성적저충작용재궤구지고비례고적공사경가현저。
The paper researches the economic consequence of accounting conservatism by analyzing the relationship among institutional ownership characteristic, accounting conservatism and cost of equity of listed companies in China. It is found that accounting conservatism is significantly negative related to cost of equity, and accounting conservatism contribute to lower the company＇s cost of equity, and this negative correlation is more significant in the high proportion of institutional ownership of companies.