应计盈余波动对企业资本成本的影响研究.PDFVIP

中国科技论文在线 2010 17 2010 No17 Science and TechnologyM anagementResearch : 1000- 7695 ( 2010) 17- 0131- 04 应计盈余波动对企业资本成本的影响研究 !!! 基于我国上市公司的经验证据 许 慧 ( 中南财经政法大学会计学院, 湖南长沙 430073) : 基于信息不对称和私有信息含量的理论, 提出作为盈余质量指标的盈余波动性信息会影响公司的外部资 本成本的假设, 通过实证检验结果发现, 盈余波动和资本成本的关系与假设不符, 进一步研究发现其缘于固有 应计波动和可控应计波动的不同信息含量, 外部投资者能准确地区分对待两者的波动信息含量, 即固有应计的 信息含量要高于可操控应计的信息含量, 固有应计的波动性能反映出企业的内部风险, 而可控应计受主观因素 的影响较大, 不能如实地反映企业的真实风险, 为此, 可得出降低固有应计的波动能降低公司的外部资本成本 的结论 : 应计波动; 固有应计; 可控应计; 资本成本 : F2753 : A Study on Effect of A ccrual Earnings V olatility on C ost Capital ! Based on Chinas Listed Companies XU Hui (A ccountingCollege, Zhongnan University of Econom ics and Law, Changsha430073, Hunan) Abstrac t: Based on the information asymmetry and theprivate information content theory, we gave an assumption that the earnings volatilitywould affect the companys external capital cost. Through the empirical test results, we found that the re lations between earnings volatility and cost capitaldidn∀tmatch theassumption, wealso found that this resultwas due to the difference between the information content of inherent accruals volatility and discretionary accruals volatility,. The external investorswere able to distinguish thedifference. The factwer that the information content of inherentaccruals volatilitywas higher than the information contentofdiscretionary accruals volatility. The inherentvolatilitycould reflect the enterpriseop erational and financial risks, but the discretionary accr