会计盈余质量与权益资本成本关系的实证分析

Abstract

决策有用是衡量盈余质量的一个主要标准,从投资者的角度,以2001年—2003年间具有10期连续存续期间的上市公司为样本,通过研究计价观下企业会计盈余的7个不同质量:应计质量、持续性、可预测性、平滑度、价值相关性、及时性、稳健性,对权益资本成本的影响来为上述问题提供证据。研究结果表明,除盈余的持续性与预测符号不一致以外,其他各质量与权益资本成本之间均呈负相关关系,但持续性、价值相关性与稳健性的影响不显著;在对权益资本成本的影响程度方面,盈余的质量影响程度最大,其次是平滑度、及时性和可预测性;以会计为基础的质量对资本市场的影响整体大于以市场为基础的质量。

The usefulness in the decision making process is the primary criterion in judging the quality of earnings information.By using the data from 2001—2003,this paper starts from the perspective of the investors and examines the influence of the following 7 aspects of accounting earnings information,namely,accruals quality,persistence,predictability,smoothness,relevance,conservatism and timeliness on the cost of capital.We provide the evidence for the above research.We find that the 6 aspects of the earnings information quality are negatively related to the cost of capital,except for the persistence,while the persistence,relevance,and conservatism are not statistically significant.As to the degree of influence,under both conditional and unconditional test,the most influential one is the accruals quality,and the smoothness,timeliness,and predictability rank the second.The accounting-based earnings information quality as a whole is more influential in the market-based earnings information quality.