摘要
会计准则变革通过改变会计信息质量对资本成本产生影响,通常认为,高质量的会计准则会降低资本成本,而本文基于资本资产定价模型(CAPM)的理论分析发现,由于企业投资增加对资本成本的反转效应,当满足一定的条件时,高质量的会计准则也可能会带来资本成本的提高。本文给出了这种情况存在的条件,即企业新增投资的调整成本(参数z)小于一定的临界值,以保证新增投资具有充分的弹性。当进一步增加考虑股东和管理层之间的代理问题、大股东和中小股东之间的代理问题时,虽然企业投资行为与最优投资水平会发生变化,但上述基本结论仍然成立。本文在理论上厘清了会计准则、资本成本与企业投资之间的关系,深化了会计准则变革的非预期效应理论,为相关实证研究奠定了基础,对会计准则目标制定及实施效果检验等具有重要的参考价值。
It is usually thought that higher quality accounting standards will decrease the cost of capital by improving financial reporting quality. However,through a deep theoretical analysis based on Capital Asset Pricing Model（ CAPM）,we find that higher quality accounting standards can also result in the increase of cost of capital because of the indirect-reversal effects through corporate investment.We give the specific condition of this situation,i.e.,the adjustment cost of new investment（ z） is sufficiently low to guarantee the sufficient elasticity of new investment. Besides,this study introduces the two most common types of agency problems（ i. e.,the conflict between managers and shareholders,the conflict between large shareholders and small shareholders） into the analytical models further. Although corporate investment behaviors and optimal investment levels change due to agency conflicts,the basic conclusions above still hold. Thus,our study clarifies the relationship between accounting standards,cost of capital and corporate investment in theory,which deepens the theory of unintended effects of accounting standards changes. It also has some important implications for empirical research in this field and the setting and testing of accounting standards objectives.
作者
张先治
晏超
Zhang Xianzhi;Yan Chao(School of Accounting/China Internal Control Research Center, Dongbei University of Finance ＆ Economics, Dalian 116025)
出处
《管理评论》
CSSCI
北大核心
2018年第4期206-218,共13页
Management Review
基金
国家自然科学基金项目(71372068)
教育部人文社科基金项目(13YJA790151)
辽宁省教育厅科学研究一般项目(W2014219)
关键词
会计准则变革
资本成本
企业投资行为
CAPM
代理问题
accounting standards changes
cost of capital
corporate investment behavior
CAPM
agency problems
