摘要
本文以沪深两市2008-2012年A股上市公司为研究样本,基于我国特殊制度背景和上市公司实际,实证检验股价崩盘风险对权益资本成本的影响。研究结果表明,股价崩盘风险越大,权益资本成本越大,且这种关系在民营上市公司中更显著。进一步考虑信息披露因素,发现高质量的信息披露并不会显著减弱股价崩盘风险对权益资本成本的负面影响,而机构投资者在一定程度上发挥着资本市场上信息传递的作用,改善信息披露环境,增加信息披露,作为信息披露质量外的一种有效的替代机制,其行为显著降低了股价崩盘风险对权益资本成本的作用。
Considering the special institutional background and the actual situation of listed companies,the article conducts an empirical study on the impact of stock price crash risk on the cost of equity capital. The findings shows that the greater the risk of stock crash,the greater the cost of equity capital,and this phenomenon is more significant in private listed companies. We also find that high quality information disclosure does not significantly reduce the negative impact of stock price crash risk on equity capital costs,while institutional investors,as an effective alternative mechanism for the quality of information disclosure,to a certain extent play a role on the transmission of information in capital market: improving information disclosure environment and increase information disclosure,its behavior significantly reduces the risk of stock price crash risk on the cost of equity capital.
出处
《会计研究》
CSSCI
北大核心
2017年第10期78-85,共8页
Accounting Research
