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以1998—2012年沪深A股上市公司的平衡面板数据为样本,实证分析会计制度变迁背景下,会计信息质量对股权融资成本和债务融资成本的影响及影响差异。研究表明:(1)股权融资成本和债务融资成本与会计信息质量负相关,会计信息质量越高,融资成本越低。(2)会计信息质量对股权融资成本的影响程度大于对债务融资成本的影响。(3)随着会计制度的变迁,会计信息质量并未呈现逐步提高的趋势,而是在第三阶段有所提升,第四阶段则略有下降。随着会计信息质量的这种变化,其对股权融资成本和债务融资成本的影响差异也随之发生变化:当会计信息提高时,对两种融资成本的影响差异缩小,而当会计信息质量下降时,对两种融资成本的影响差异变大。
Taking the balance panel data of Shanghai and Shenzhen A-share listed companies from 1998 to 2012 as a sample, this paper empirically analyzes the impact of the quality of accounting information on equity financing costs and debt financing costs and their impact on the background of changing accounting system. The research shows that: (1) The cost of equity financing and debt financing are negatively correlated with the quality of accounting information. The higher the quality of accounting information, the lower the cost of financing. (2) The impact of accounting information quality on the cost of equity financing is greater than the impact on debt financing costs. (3) With the change of accounting system, the quality of accounting information did not show a gradual increase trend, but increased in the third stage, the fourth stage declined slightly. As the quality of accounting information changes, the difference in the impact on equity financing costs and debt financing costs also changes: when the accounting information increases, the difference in the impact on the two financing costs is reduced, and when the quality of accounting information is reduced The difference in the impact on both financing costs is greater.