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现有的关于会计信息质量与股权资本成本之间关系的经验研究并未形成一致的结论。本文以2004~2013年的中国沪深两市A股9 370个公司年度样本为研究对象,以de Franco等(2011)可比性模型衡量公司层面的财务报告可比性,考察了2007年实施新会计准则后财务报告可比性的变化趋势,以及财务报告可比性与股权资本成本之间的相关关系。研究发现,2007年实施新会计准则后,上市公司的财务报告可比性呈现上升趋势,这表明,中国会计准则与国际会计准则的实质趋同显著提高了中国上市公司会计信息质量。在控制其他因素的情况下,财务报告可比性对股权资本成本产生了显著的负向影响。因而,监管部门应当进一步加强与国际会计准则的持续趋同工作,以不断完善中国会计准则和提高中国上市公司的会计信息质量。
Existing empirical studies on the relationship between the quality of accounting information and the cost of equity capital do not lead to a consistent conclusion. In this paper, the annual sample of 9 370 A shares of China, Shanghai and Shenzhen Stock Exchanges from 2004 to 2013 is taken as the research object. The comparability of the financial reports at the company level is measured by the comparable model of de Franco et al. (2011) The trend of comparability of financial reporting standards, and the correlation between the comparability of financial reports and the cost of equity capital. The study found that the comparability of financial reports of listed companies shows an upward trend after implementing the new accounting standards in 2007, which shows that the substantial convergence of Chinese accounting standards and IAS significantly improves the accounting information quality of Chinese listed companies. Under the control of other factors, the comparability of financial reports has a significant negative impact on the cost of equity capital. Therefore, the regulatory authorities should further strengthen the continuous convergence with international accounting standards in order to continuously improve China’s accounting standards and improve the quality of accounting information of listed companies in China.