机构投资者异质性、会计稳健性与股权融资成本——来自中国上市公司的经验证据

›› 2016, Vol. 28 ›› Issue (7): 42-52.

机构投资者异质性、会计稳健性与股权融资成本——来自中国上市公司的经验证据

李争光¹, 曹丰², 赵西卜³, 董竞宇⁴

1. 盐城工学院管理学院, 盐城 224051;
2. 湖南大学工商管理学院, 长沙 410082;
3. 中国人民大学商学院, 北京 100872;
4. 上海鸿象投资管理有限公司, 上海 200093

收稿日期:2014-04-22 出版日期:2016-07-28 发布日期:2016-09-01
作者简介:李争光,盐城工学院管理学院讲师,财务与会计研究所所长,博士;曹丰,湖南大学工商管理学院讲师,博士;赵西卜,中国人民大学商学院教授,博士生导师;董竞宇,上海鸿象投资管理有限公司分析师
基金资助:
江苏省高校哲学社会科学研究项目（2015SJB763）；国家自然科学基金项目（71303024）；中国人民大学商学院研究生科学研究基金项目（14XNH234）。

Institutional Investors Heterogeneity, Accounting Conservatism and the Cost of Equity: Evidence from China's Listed Firms

Li Zhengguang¹, Cao Feng², Zhao Xibo³, Dong Jingyu⁴

1. School of Management, Yancheng Institute of Technology, Yancheng 224051;
2. School of Business, Hunan University, Changsha 410082;
3. School of Business, Renmin University of China, Beijing 100872;
4. Hongxiang Investment Management Company of Shanghai, Shanghai 200093

Received:2014-04-22 Online:2016-07-28 Published:2016-09-01

摘要/Abstract

摘要：

本文以我国2007-2012年的A股上市公司为研究对象，从异质机构视角检验了会计稳健性对股权融资成本的影响。经验证据表明，会计稳健性与股权融资成本之间显著负相关，说明了稳健的财务信息有助于降低资本市场上的股权融资成本。进一步分析表明，与交易型机构投资者相比，稳定型机构投资者加剧了会计稳健性与股权融资成本之间的负相关关系。本文的研究结果也为监管机构制定发展机构投资者的政策提供了重要的参考。

关键词: 稳定型机构投资者, 交易型机构投资者, 会计稳健性, 股权融资成本

Abstract:

In this paper, we use the sample data of Shanghai and Shenzhen A-share listed companies between 2007 and 2012 to explore the relationship between accounting conservatism and the cost of equity on the basis of the perspective of institutional investors heterogeneity. Empirical evidence shows that accounting conservatism has a significant negative effect on the cost of equity, and this also illustrates that the prudent financial information helps to reduce the cost of equity. Further analysis shows that, compared with unstable institutional investors, the stable institutional investors enhance the negative relationship between accounting conservatism and the cost of equity. The findings of this paper also help to provide an important reference for regulatory agencies to make policies for developing institutional investors.

Key words: the stable institutional investor, the unstable institutional investor, accounting conservatism, the cost of equity

李争光, 曹丰, 赵西卜, 董竞宇. 机构投资者异质性、会计稳健性与股权融资成本——来自中国上市公司的经验证据[J]. , 2016, 28(7): 42-52.

Li Zhengguang, Cao Feng, Zhao Xibo, Dong Jingyu. Institutional Investors Heterogeneity, Accounting Conservatism and the Cost of Equity: Evidence from China's Listed Firms[J]. , 2016, 28(7): 42-52.

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