摘要
本文研究的是不同产权背景下,上市公司真实和应计盈余管理对其股权资本成本的影响。研究发现,无论是真实盈余管理还是应计盈余管理都与上市公司股权资本成本正相关,且真实盈余管理显著低于应计盈余管理的股权资本成本边际效应。同时,产权性质对盈余管理程度及盈余管理的股权资本成本边际效应都起到一定的调节作用,即相对于民营上市公司,国有上市公司的盈余管理程度整体较低,但是其盈余管理的股权资本成本边际效应却显著更高。
This paper investigates how real and accrual earnings management influence the cost of equity capital for companies with different nature of property right. We find that, firstly, both real and accrual earnings management are positively associated with cost of equity capital, but the positive association is stronger for the accrual earnings management than the real earnings management. Secondly, the nature of property right moderates not only the level of earnings management, but also the marginal effect of earnings management on cost of equity capital. Specifically, SOEs reveal a lower level of earnings management, but a higher marginal effect of earnings management on the cost of equity capital.
出处
《财务研究》
2015年第3期37-49,共13页
Finance Research
基金
国家自然科学基金项目(71172228)
教育部新世纪优秀人才支持计划(NCET-09-0658)
财政部全国会计领军(后备)人才(学术类)培养项目
西南财经大学中央高校基本科研业务费专项资金项目(JBK130508)
关键词
产权性质
真实盈余管理
应计盈余管理
股权资本成本
nature of property right
real earnings management
accrual earnings manage-ment
cost of equity capital
