机构地区: 上海交通大学安泰经济与管理学院
出 处: 《经济与管理研究》 2013年第2期52-61,共10页
摘 要: 基于中国上市公司的信息披露现状,采用2002~2008年A股公司数据,证实了存在于会计稳健性水平与公司权益资本成本之间的负相关关系,同时发现会计稳健性水平与投资不足水平、投资过度水平均存在负相关关系,这表明稳健会计作为一项有效的信息呈报机制,在增进中国上市公司投资效率、提高公司价值方面发挥了重要作用。 Based on the information disclosure of Chinese listed companies, this paper investigates the data of the A - share listed companies 2002 -2008. The results indicate that there is a negative correlation between the level of accounting conservatism and the cost of equity capital. Meanwhile, the correlation between accounting conservatism and underinvest- ment/overinvestment is also negative. Thus the paper draws a mechanism of information disclosure, plays an important role in nese listed companies. conclusion that accounting conservatism, as an efficient enhancing investment efficiency and market value of Chi-