期刊论文

Corporate Governance, Accounting Conservatism and the Cost of Equity Capital

中文

南华大学学报(社会科学版)

1673-0755

2016

17

2

69-75

10.13967/j.cnki.nhxb.2016.0032

(2015JD59):湖南省社会科学基金项目“货币政策、融资约束与企业R&D投资研究”资助 (2015XCX06):南华大学研究生科研创新项目“货币政策、融资约束与企业研发投资”资助

本校为第一机构

文章以2008-2011年沪深所有A股上市公司为研究样本,从四个维度构建公司治理综合指数,采用GLS模型计量权益资本成本,考察了公司治理、会计稳健性与权益资本成本的关系。实证结果表明,公司治理与权益资本成本呈显著负相关关系,会计稳健性减弱了公司治理在降低权益资本成本方面的作用。

In this paper, we take the 2008-2011 A shares listed corporations in Shenzhen and Shanghai Stock Exchange as the research samples, from four dimensions to build corporate governance composite index, using GLS model to measure the cost of equity capital, examing the relationship between corporate governance, accounting conservatism and the cost of equity capital. The empirical results show that corporate governance and the cost of equity capital have significantly negative correlation, accounting conservatism weakens the role of ...