会计稳健性与权益资本成本研究.doc
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会计稳健性与权益资本成本研究,13500字自己的原创毕业论文，本站独家提交，推荐下载使用摘要 权益资本成本是权益资本的必要报酬率，即企业使用它所必须支付的最低报酬，它是财务管理的核心概念之一，它的高低，是人们衡量最优资本结构，股票的价值和新股发行的价值，评估会计系统的透明度，公司治理情况， 企业经营绩效的重要参考指标。因...
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会计稳健性与权益资本成本研究
13500字
自己的原创毕业论文，本站独家提交，推荐下载使用
摘要
权益资本成本是权益资本的必要报酬率，即企业使用它所必须支付的最低报酬，它是财务管理的核心概念之一，它的高低，是人们衡量最优资本结构，股票的价值和新股发行的价值，评估会计系统的透明度，公司治理情况， 企业经营绩效的重要参考指标。因此，对于权益资本成本影响因素的研究具有重要的意义。但是，目前对权益资本成本的影响因素的研究主要集中于信息披露、公司治理等对权益资本成本的影响，而关于会计方法对权益资本成本如何影响却鲜有研究。
所谓会计稳健性，是指会计人员在确认收益(好消息)时对可验证性的要求较高，而在确认损失(坏消息)时对可验证性的要求则较低。正是由于这种对可验证性要求的差别，导致了损失和收益确认的非对称性，即会计人员对于损失要及时确认，而对于收益则要到有充分的证据时才可确认。几个世纪以来稳健性是会计中最广泛的特征并且目前实证证据表明稳健性原则在逐渐增强，那么会计稳健性与权益资本成本具有怎样的关系呢?这将是我们本文所要探讨的问题。
本文以2010—2012年沪深主板A股市场上市的计算机、通信和其他电子设备制造业市场的最新数据为样本，利用Basu 模型、Khan & Watts 模型和CAPM 模型分别计算得出各样本公司会计稳健性与权益资本成本的值。采用多元回归分析方法考察了会计稳健性与权益资本成本之间的关系，并对会计稳健性的存在性进行了研究。结果表明，我国上市公司普遍存在会计稳健性，且稳健性程度越高；投资者面临的信息风险越小，要求的投资必要报酬率也会降低，从而导致权益资本成本越低。该结果支持了会计稳健性的积极作用，为上市公司通过坚持会计稳健性原则降低权益资本成本、提高公司治理效果提供了理论和实证支持。
关键词 会计稳健性 权益资本成本 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 录
引 言 1
第一章 相关理论概述 2
1.1会计稳健性概述 2
1.1.1会计稳健性的定义 2
1.1.2稳健性的计量方法 2
1.1.3会计稳健性的经济后果 3
1.2权益资本成本概述 5
1.2.1权益资本成本的定义 5
1.2.2权益资本成本的影响因素 5
1.2.3权益资本成本的度量模型 5
第二章 理论分析与研究假设 6
2.1国内研究现状 6
2.2国外研究现状 6
2.3研究假设 7
第三章 研究设计 9
3.1样本选择及数据来源 9
3.2变量定义 9
3.2.1会计稳健性水平的度量 9
3.2.2权益资本成本的度量 12
3.2.3控制变量的选择 14
3.3模型设计 14
第四章 研究结果分析 15
4.1主要变量的描述性统计 15
4.2主要变量的相关性检..
13500字
自己的原创毕业论文，本站独家提交，推荐下载使用
摘要
权益资本成本是权益资本的必要报酬率，即企业使用它所必须支付的最低报酬，它是财务管理的核心概念之一，它的高低，是人们衡量最优资本结构，股票的价值和新股发行的价值，评估会计系统的透明度，公司治理情况， 企业经营绩效的重要参考指标。因此，对于权益资本成本影响因素的研究具有重要的意义。但是，目前对权益资本成本的影响因素的研究主要集中于信息披露、公司治理等对权益资本成本的影响，而关于会计方法对权益资本成本如何影响却鲜有研究。
所谓会计稳健性，是指会计人员在确认收益(好消息)时对可验证性的要求较高，而在确认损失(坏消息)时对可验证性的要求则较低。正是由于这种对可验证性要求的差别，导致了损失和收益确认的非对称性，即会计人员对于损失要及时确认，而对于收益则要到有充分的证据时才可确认。几个世纪以来稳健性是会计中最广泛的特征并且目前实证证据表明稳健性原则在逐渐增强，那么会计稳健性与权益资本成本具有怎样的关系呢?这将是我们本文所要探讨的问题。
本文以2010—2012年沪深主板A股市场上市的计算机、通信和其他电子设备制造业市场的最新数据为样本，利用Basu 模型、Khan & Watts 模型和CAPM 模型分别计算得出各样本公司会计稳健性与权益资本成本的值。采用多元回归分析方法考察了会计稳健性与权益资本成本之间的关系，并对会计稳健性的存在性进行了研究。结果表明，我国上市公司普遍存在会计稳健性，且稳健性程度越高；投资者面临的信息风险越小，要求的投资必要报酬率也会降低，从而导致权益资本成本越低。该结果支持了会计稳健性的积极作用，为上市公司通过坚持会计稳健性原则降低权益资本成本、提高公司治理效果提供了理论和实证支持。
关键词 会计稳健性 权益资本成本 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 录
引 言 1
第一章 相关理论概述 2
1.1会计稳健性概述 2
1.1.1会计稳健性的定义 2
1.1.2稳健性的计量方法 2
1.1.3会计稳健性的经济后果 3
1.2权益资本成本概述 5
1.2.1权益资本成本的定义 5
1.2.2权益资本成本的影响因素 5
1.2.3权益资本成本的度量模型 5
第二章 理论分析与研究假设 6
2.1国内研究现状 6
2.2国外研究现状 6
2.3研究假设 7
第三章 研究设计 9
3.1样本选择及数据来源 9
3.2变量定义 9
3.2.1会计稳健性水平的度量 9
3.2.2权益资本成本的度量 12
3.2.3控制变量的选择 14
3.3模型设计 14
第四章 研究结果分析 15
4.1主要变量的描述性统计 15
4.2主要变量的相关性检..
