會計穩(wěn)健性與權(quán)益資本成本研究

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摘要
權(quán)益資本成本是權(quán)益資本的必要報酬率，即企業(yè)使用它所必須支付的最低報酬，它是財務(wù)管理的核心概念之一，它的高低，是人們衡量最優(yōu)資本結(jié)構(gòu)，股票的價值和新股發(fā)行的價值，評估會計系統(tǒng)的透明度，公司治理情況， 企業(yè)經(jīng)營績效的重要參考指標(biāo)。因此，對于權(quán)益資本成本影響因素的研究具有重要的意義。但是，目前對權(quán)益資本成本的影響因素的研究主要集中于信息披露、公司治理等對權(quán)益資本成本的影響，而關(guān)于會計方法對權(quán)益資本成本如何影響卻鮮有研究。
所謂會計穩(wěn)健性，是指會計人員在確認(rèn)收益(好消息)時對可驗(yàn)證性的要求較高，而在確認(rèn)損失(壞消息)時對可驗(yàn)證性的要求則較低。正是由于這種對可驗(yàn)證性要求的差別，導(dǎo)致了損失和收益確認(rèn)的非對稱性，即會計人員對于損失要及時確認(rèn)，而對于收益則要到有充分的證據(jù)時才可確認(rèn)。幾個世紀(jì)以來穩(wěn)健性是會計中最廣泛的特征并且目前實(shí)證證據(jù)表明穩(wěn)健性原則在逐漸增強(qiáng)，那么會計穩(wěn)健性與權(quán)益資本成本具有怎樣的關(guān)系呢?這將是我們本文所要探討的問題。
本文以2010—2012年滬深主板A股市場上市的計算機(jī)、通信和其他電子設(shè)備制造業(yè)市場的最新數(shù)據(jù)為樣本，利用Basu 模型、Khan & Watts 模型和CAPM 模型分別計算得出各樣本公司會計穩(wěn)健性與權(quán)益資本成本的值。采用多元回歸分析方法考察了會計穩(wěn)健性與權(quán)益資本成本之間的關(guān)系，并對會計穩(wěn)健性的存在性進(jìn)行了研究。結(jié)果表明，我國上市公司普遍存在會計穩(wěn)健性，且穩(wěn)健性程度越高；投資者面臨的信息風(fēng)險越小，要求的投資必要報酬率也會降低，從而導(dǎo)致權(quán)益資本成本越低。該結(jié)果支持了會計穩(wěn)健性的積極作用，為上市公司通過堅持會計穩(wěn)健性原則降低權(quán)益資本成本、提高公司治理效果提供了理論和實(shí)證支持。

關(guān)鍵詞 會計穩(wěn)健性 權(quán)益資本成本 Basu模型 CAPM模型


Research on the Relationship of
Accounting conservatism and Equity Cost Capital
Abstract: Equity capital cost is the required rate of return on equity capital, which companies use it to pay necessarily minimum compensation, which is one of the core concepts of financial management, it's high or low, is a important reference index for people measuring the optimal capital structure, assessing the transparency of accounting system, the situation of corporate governance and the performance of business. Therefore, it is significant for the study of factors affecting the cost of equity capital. However, the current research on the factors affecting the cost of equity capital focused on the impact of information disclosure and corporate governance on the cost of equity capital, but rarely studied on the accounting method how to affect on the equity capital cost.
The so-called accounting conservatism, is the accounting officer recognized gains (good news) when verifiability requirements are higher, while confirming the loss (bad news) when verifiability requirements are lower. It is because of this difference of verifiability requirements, resulting in a asymmetry in the recognition of loss and revenue. That accounting staff have to confirm the loss timely, but earnings will be confirmed until it has gain sufficient evidence. For centuries, the accounting conservatism is the widest accounting feature and current empirical evidence suggests that the principle of conservatism is gradually increased. So what the kind of relationship between the accounting conservatism and the cost of equity capital? This issue will be explored in my paper.
Computer motherboards in 2009-2012 CSIA-share market, the latest data communications and other electronic equipment manufacturing market samples using Basu model, Khan & Watts model and the CAPM model are calculated for each sample company accounting conservatism value and the cost of equity capital. Using multiple regression analysis examined the relationship between accounting conservatism and cost of equity capital, and the existence of accounting conservatism were studied. The results showed that the preva lence of Chinese listed companies accounting conservatism, and the higher the degree of conservatism; the smaller information risk faced by investors, the required rate of return on investment will be reduced, resulting in lower cost of equity capital. The results support the positive role of accounting conservatism, providing a theoretical and empirical support for listed companies reducing the cost of equity capital by insisting on accounting conservatism principles and improving the effectiveness of corporate governance.

Key words: Accounting conservatism, Cost of equity capital, Basu model, CAPM model


目 錄
引 言 1
第一章 相關(guān)理論概述 2
1.1會計穩(wěn)健性概述 2
1.1.1會計穩(wěn)健性的定義 2
1.1.2穩(wěn)健性的計量方法 2
1.1.3會計穩(wěn)健性的經(jīng)濟(jì)后果 3
1.2權(quán)益資本成本概述 5
1.2.1權(quán)益資本成本的定義 5
1.2.2權(quán)益資本成本的影響因素 5
1.2.3權(quán)益資本成本的度量模型 5
第二章 理論分析與研究假設(shè) 6
2.1國內(nèi)研究現(xiàn)狀 6
2.2國外研究現(xiàn)狀 6
2.3研究假設(shè) 7
第三章 研究設(shè)計 9
3.1樣本選擇及數(shù)據(jù)來源 9
3.2變量定義 9
3.2.1會計穩(wěn)健性水平的度量 9
3.2.2權(quán)益資本成本的度量 12
3.2.3控制變量的選擇 14
3.3模型設(shè)計 14
第四章 研究結(jié)果分析 15
4.1主要變量的描述性統(tǒng)計 15
4.2主要變量的相關(guān)性檢..