会计准则变革、资本成本与企业投资行为——基于资本资产定价模型的理论分析

›› 2018, Vol. 30 ›› Issue (4): 206-218.

会计准则变革、资本成本与企业投资行为——基于资本资产定价模型的理论分析

张先治, 晏超

东北财经大学会计学院/中国内部控制研究中心, 大连 116025

收稿日期:2015-12-22 出版日期:2018-04-28 发布日期:2018-04-22
通讯作者: 晏超(通讯作者),东北财经大学会计学院博士研究生。
作者简介:张先治,东北财经大学会计学院教授,博士生导师,博士
基金资助:
国家自然科学基金项目（71372068）；教育部人文社科基金项目（13YJA790151）；辽宁省教育厅科学研究一般项目（W2014219）。

Accounting Standards Changes, Cost of Capital and Corporate Investment Behavior:Theoretical Analysis Based on Capital Asset Pricing Model

Zhang Xianzhi, Yan Chao

School of Accounting/China Internal Control Research Center, Dongbei University of Finance & Economics, Dalian 116025

Received:2015-12-22 Online:2018-04-28 Published:2018-04-22

摘要/Abstract

摘要：

会计准则变革通过改变会计信息质量对资本成本产生影响，通常认为，高质量的会计准则会降低资本成本，而本文基于资本资产定价模型（CAPM）的理论分析发现，由于企业投资增加对资本成本的反转效应，当满足一定的条件时，高质量的会计准则也可能会带来资本成本的提高。本文给出了这种情况存在的条件，即企业新增投资的调整成本（参数z）小于一定的临界值，以保证新增投资具有充分的弹性。当进一步增加考虑股东和管理层之间的代理问题、大股东和中小股东之间的代理问题时，虽然企业投资行为与最优投资水平会发生变化，但上述基本结论仍然成立。本文在理论上厘清了会计准则、资本成本与企业投资之间的关系，深化了会计准则变革的非预期效应理论，为相关实证研究奠定了基础，对会计准则目标制定及实施效果检验等具有重要的参考价值。

关键词: 会计准则变革, 资本成本, 企业投资行为, CAPM, 代理问题

Abstract:

It is usually thought that higher quality accounting standards will decrease the cost of capital by improving financial reporting quality. However, through a deep theoretical analysis based on Capital Asset Pricing Model (CAPM), we find that higher quality accounting standards can also result in the increase of cost of capital because of the indirect-reversal effects through corporate investment. We give the specific condition of this situation, i.e., the adjustment cost of new investment (z) is sufficiently low to guarantee the sufficient elasticity of new investment. Besides, this study introduces the two most common types of agency problems (i.e., the conflict between managers and shareholders, the conflict between large shareholders and small shareholders) into the analytical models further. Although corporate investment behaviors and optimal investment levels change due to agency conflicts, the basic conclusions above still hold. Thus, our study clarifies the relationship between accounting standards, cost of capital and corporate investment in theory, which deepens the theory of unintended effects of accounting standards changes. It also has some important implications for empirical research in this field and the setting and testing of accounting standards objectives.

Key words: accounting standards changes, cost of capital, corporate investment behavior, CAPM, agency problems

张先治, 晏超. 会计准则变革、资本成本与企业投资行为——基于资本资产定价模型的理论分析[J]. , 2018, 30(4): 206-218.

Zhang Xianzhi, Yan Chao. Accounting Standards Changes, Cost of Capital and Corporate Investment Behavior:Theoretical Analysis Based on Capital Asset Pricing Model[J]. , 2018, 30(4): 206-218.

参考文献

[1] Daske H., Hail L., Leuz C., et al. Mandatory IFRS Reporting around the World:Early Evidence on the Economic Consequences[J]. Journal of Accounting Research, 2008,46(5):1085-1142
[2] Li S. Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital?[J]. The Accounting Review, 2010,85(2):607-636
[3] 高芳,傅仁辉. 会计准则改革、股票流动性与权益资本成本——来自中国A股上市公司的经验证据[J]. 中国管理科学, 2012,20(4):27-36
[4] 汪祥耀,叶正虹. 执行新会计准则是否降低了股权资本成本——基于我国资本市场的经验证据[J]. 中国工业经济, 2011,(3):119-128
[5] 曾颖,陆正飞. 信息披露质量与股权融资成本[J]. 经济研究, 2006,(2):69-79
[6] 王俊秋. 政治关联、盈余质量与权益资本成本[J]. 管理评论, 2013,25(10):80-90
[7] 周嘉南,雷霆. 股权激励影响上市公司权益资本成本了吗?[J]. 管理评论, 2014,26(3):39-52
[8] Lambert R., Leuz C., Verrecchia R. E. Accounting Information, Disclosure, and the Cost of Capital[J]. Journal of Accounting Research, 2007,45(2):385-420
[9] Gao P. Disclosure Quality, Cost of Capital, and Investor Welfare[J]. The Accounting Review, 2010,85(1):1-29
[10] Zhang G. Accounting Standards, Cost of Capital, Resource Allocation, and Welfare in a Large Economy[J]. The Accounting Review, 2013,88(4):1459-1488
[11] Ou-Yang H. An Equilibrium Model of Asset Pricing and Moral Hazard[J]. Review of Financial Studies, 2005,18(4):1253-1303
[12] Dow J., Gorton G., Krishnamurthy A. Equilibrium Investment and Asset Prices under Imperfect Corporate Control[J]. American Economic Review, 2005,95(3):659-681
[13] Albuquerue R., Wang N. Agency Conflicts, Investment, and Asset Pricing[J]. Journal of Finance, 2008,63(1):1-40
[14] Bertomeu J. Incentive Contracts, Market Risk, and Cost of Capital[J]. Contemporary Accounting Research, 2015,32(4):1337-1352
[15] Healy P. M., Palepu K. G. Information Asymmetry, Corporate Disclosure, and the Capital Markets:A Review of the Empirical Disclosure Literature[J]. Journal of Accounting and Economics, 2001,31(1-3):405-440
[16] Sharpe W. F. Capital Asset Prices:A Theory of Market Equilibrium under Conditions of Risk[J]. Journal of Finance, 1964,19(3):425-442
[17] Lintner J. The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets[J]. The Review of Economics and Statistics, 1965,47(1):13-37
[18] Fama E. F. Foundations of Finance[M]. New York:Basic Books, 1976
[19] 洪剑峭,李志文. 会计学理论:信息经济学的革命性突破[M]. 北京:清华大学出版社, 2004
[20] La Porta R., Lopez-De-Silanes F., Shleifer A. Corporate Ownership Around the World[J]. Journal of Finance, 1999,54(2):471-517
[21] 张先治,晏超. 我国会计准则变革研究[J]. 财经问题研究, 2013,(2):87-94
[22] 薛爽,赵立新,肖泽忠,等.会计准则国际趋同是否提高了会计信息的价值相关性?——基于新老会计准则的比较研究[J]. 财贸经济, 2008,(9):62-67
[23] 刘永泽,孙翯. 我国上市公司公允价值信息的价值相关性——基于企业会计准则国际趋同背景的经验研究[J]. 会计研究, 2011,(2):16-22
[24] 毛新述,戴德明. 会计制度改革、盈余稳健性与盈余管理[J]. 会计研究, 2009,(12):38-46
[25] 王玉涛,陈晓,侯宇. 国内证券分析师的信息优势:地理邻近性还是会计准则差异[J]. 会计研究, 2010,(12):34-40
[26] 陈旻,曲晓辉. 会计准则国际趋同对会计信息质量影响的系统检验[J]. 当代会计评论, 2014,7(1):1-27
[27] 孙枭飞,晏超. 会计准则变革对股权资本成本的影响研究——基于会计敏感性和经济敏感性视角的实证检验[J]. 财经问题研究, 2015,(2):102-109
[28] Chen C., Young D., Zhuang Z. Externalities of Mandatory IFRS Adoption:Evidence from Cross-Border Spillover Effects of Financial Information on Investment Efficiency[J]. The Accounting Review, 2013,88(3):881-914
[29] 蔡吉甫. 会计信息质量与公司投资效率——基于2006年会计准则趋同前后深沪两市经验数据的比较研究[J]. 管理评论, 2013,25(4):166-176
[30] 顾水彬. 会计准则变革对企业投资效率的影响研究[J]. 山西财经大学学报, 2013, 35(10):92-103
[31] Daske H., Hail L., Leuz C., et al. Adopting a Label:Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions[J]. Journal of Accounting Research, 2013,51(3):495-547
[32] Schleicher T., Tahoun A., Walker M. IFRS Adoption in Europe and Investment-cash Flow Sensitivity:Outsider versus Insider Economies[J]. The International Journal of Accounting, 2010,45(2):143-168
[33] Biddle G. C., Callahan C. M., Hong H. A., et al. Do Adoptions of International Financial Reporting Standards Enhance Capital Investment Efficiency?[R]. SSRN Working Paper, 2013
[34] Banker R. D., Huang R., Li Y. Do Accounting Standards Matter for Firm Productivity? Evidence from Mandatory IFRS Adoption[R]. SSRN Working Paper, 2014
[35] 张先治,晏超. 会计准则变革的非预期效应理论框架构建[J]. 会计研究, 2015,(2):2-11
[36] Kanodia C. Accounting Disclosure and Real Effects[J]. Foundations and Trends® in Accounting, 2006,1(3):167-258
[37] Christensen P. O., Qin Z. Information and Heterogeneous Beliefs:Cost of Capital, Trading Volume, and Investor Welfare[J]. The Accounting Review, 2014,89(1):209-242
[38] Lambert R. A., Verrecchia R. E. Information, Illiquidity, and Cost of Capital[J]. Contemporary Accounting Research, 2015,32(2):438-454
[39] 张矢的,高明宇,吴斌. 未充分分散投资下的资本资产定价模型:基于中国A股市场的实证检验[J]. 管理评论, 2014,26(10):24-37
[40] 皮天雷,唐秀萍. 市场信息传导机制下公司权益资本的决定研究[J]. 管理评论, 2016,28(2):185-196
[41] 钟马,徐光华. 认知的桎梏:从稳定型财务业绩到公司过度投资——基于中国上市公司的证据[J]. 管理评论, 2015,27(11):207-216
[42] 孙亮,周琳. 女性董事、过度投资与绩效波动——基于谨慎性视角的研究[J]. 管理评论, 2016,28(7):165-178