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本文以我国2007-2012年的A股上市公司为研究对象,从异质机构视角检验了会计稳健性对股权融资成本的影响。经验证据表明,会计稳健性与股权融资成本之间显著负相关,说明了稳健的财务信息有助于降低资本市场上的股权融资成本。进一步分析表明,与交易型机构投资者相比,稳定型机构投资者加剧了会计稳健性与股权融资成本之间的负相关关系。本文的研究结果也为监管机构制定发展机构投资者的政策提供了重要的参考。
In this paper, we take A-share listed companies in China for 2007-2012 as the research object, and examine the impact of accounting conservatism on the cost of equity financing from the perspective of heterogeneous organizations. Empirical evidence shows that there is a significant negative correlation between accounting conservatism and equity financing cost, which shows that steady financial information can help to reduce the equity financing cost in the capital market. Further analysis shows that stable institutional investors exacerbate the negative correlation between accounting conservatism and equity financing costs compared with those of trading institutional investors. The results of this study also provide an important reference for regulators to formulate policies on the development of institutional investors.