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论文编号：	3179
作者编号：	2120092317
上传时间：	2011/6/3 12:31:31
中文题目：	会计稳健性对公司权益资本成本影响研究
英文题目：	Research on how accounting conservatism affects corporations’ cost of equity
指导老师：	刘志远
中文关键字：	会计稳健性 信息风险 权益资本成本
英文关键字：	accounting conservatism, information risk, cost of equity
中文摘要：	稳健性原则又称谨慎性原则，是会计核算的一项重要的原则，是指企业对不确定交易或者事项进行会计确认、计量和报告时，应当持有谨慎的态度。稳健性长久以来都受到各国准则制定者和财务信息需求者的极大重视，又同时是会计从业人员在会计实务中长期践行的原则。 权益资本成本是指企业通过发行普通股票获得资金而付出的代价，权益资本成本是财务管理的一个重要概念，它对企业的资本结构，财务决策和股东回报都有很大影响。 将稳健性和权益资本成本这两个重要概念结合起来的研究几乎空白，而将两者有机结合起来进行研究又是很有必要的，既可以丰富会计稳健性经济后果相关研究，又可以对准则制定者制定稳健性的相关要求标准有所启迪。 本文从会计稳健性的角度出发，研究其对权益资本成本的影响。采用经典的Basu模型估计研究期内每个公司的会计稳健性水平，将公司按照稳健性水平从低到高的顺序排列，并把公司分成稳健性从低到高的几个小组，然后采用Easton模型估计每组公司的平均权益资本成本，观察权益资本成本是否随着稳健性的升高而稳步降低，从而分析研究会计稳健性和权益资本成本之间的关系。 本文选取了2002到2009年上海股票交易所A股股票的交易数据和财务数据进行实证研究发现，公司权益资本成本受到其会计处理稳健性水平的影响，两者呈负相关关系。即会计稳健性越高，权益资本成本越低，反之亦然。 在我国的资本市场环境下，伴随着会计准则的发展，不同时期的会计稳健性有一定的调整和发展。本文研究认为，会计稳健性对公司权益资本成本都有着负向影响。可以说，采用稳健的会计政策对公司降低权益资本成本有一定作用。这为会计稳健性的经济后果和权益资本成本的影响因素的未来研究开辟了一条新路，也为准则制定机构提供了一些启示。
英文摘要：	Accounting conservatism principle, which is also called prudence principle or robustness principle, is one of the most important principles in accounting. It means accountants should be cautious to measure and report when facing uncertain business transactions and matters. For a long time, standard-setters from all over the world have paid high attention to the robustness principle. And the investors who need accounting information to make financial decisions also attach great importance to it. The cost of equity capital shows how much enterprises have to pay back through the issue of common stock to receive money. It is a pivotal concept in financial management and it has far-reaching implications on the enterprise’s capital structure, financial decisions and share-holder returns. Nowadays researches which combine the robustness principle and the cost of equity are almost blank. While, however, it is extremely necessary to integrate these two important concepts appropriately. It can not only enrich the researches in the economic consequences areas of accounting robustness but also can inspire the standard-setters on the requirement of the principle of conservatism. This article starts from the perspective of accounting conservatism principle to study how the robustness affects equity cost. I use Basu model to estimate the conservative level of each company in the research period, array the conservative level of the company from the highest to the lowest and divide all the companies into groups. Then I use Easton model to estimate the average cost of equity of each group, and observe whether equity cost declines steadily with the increase of conservative level to study the relationship between accounting robustness and the cost of equity. This article selected the trading and financial data of the listed companies on Shanghai stock exchange from 2002 to 2009. It is found out that accounting conservative level is negatively correlated with the cost of equity. This paper shows that in China’s capital market and accounting environment, with the promulgation of accounting standards, conservatism has seen a certain kind of adjustment and development. As we found that accounting conservatism has a negative impact on company's cost of equity. It can be said that the use of more conservative accounting policy can lead to lower equity cost. So in some way, this article opens a new path for the study about the economic consequences accounting conservatism and will enlighten the standard setters.
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