A13Costofcapitalandearningstransparency..docVIP

Cost of capital and earnings transparency 资本及盈利透明度成本 Keywords: Cost of capital， Earnings transparency 关键词：资本成本，盈利透明度 abstract We provide evidence that ?rms with more transparent earnings enjoy a lower cost of capital. We base our earnings transparency measure on the extent to which earnings and change in earnings covary contemporaneously with returns. We ?nd a signi?cant negative relation between our transparency measure and subsequent excess and portfolio mean returns, and expected cost of capital, even after controlling for previously documented determinants of cost of capital. 摘要 我们提供的证据表明，公司有更透明的收入享受较低的成本资本。我们立足的程度我们的盈利透明度措施的收益和变化，盈利共变红利或回报。我们发现我们的透明度措施和随后的过剩和投资组合之间有显著的负相关关系意味着回报，预期资金成本，即使在控制了资金成本的以前记录的决定因素。 1. Introduction This study provides evidence that ?rms with more transparent earnings enjoy a lower cost of capital. Firms with more transparent earnings are those whose earnings better reflect changes in the economic value of the ?rm. We operationalize transparency by developing a measure based on the explanatory power of the returns-earnings relation, i.e., the extent to which earnings and change in earnings covary contemporaneously with stock returns. We ?nd that ?rms with more transparent earnings have a lower cost of capital as reflected in subsequent excess returns and portfolio mean subsequent returns. We also ?nd that ?rms with more transparent earnings have a lower expected cost of capital. Our ?ndings are based on tests that include controls for growth and other ?rm fundamentals that are known to be associated with cost of capital. 1。介绍 这项研究提供的证据表明，公司有更透明的盈利享受的资本成本较低。公司与更透明的盈利是那些盈利更好地反映变化的公司的经济价值。我们通过开发基于回报，收益关系的解释力的措施，投入运作的透明度，即，在何种程度上和收入变化收入共变红利或股票收益。我们发现，企业更透明的盈利有资本成本较低反映在随后的超额收益和投资组合意味着后续的回报。我们还发现，企业更透明的盈利有资本较低的预期成本。我们的研究结果是基于测试，包括对增长的控制，而被称为是与资本成本相关的其他公司的基本面。 The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) state that a key purpose of ?nancial statements is to improve decision-making by