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The Research on the Influence of Accounting Conservatism to the Cost of Equity Capital

Author: PengChong
Tutor: QiuYuLian
School: Wuhan University of Science and Technology
Course: Business management
Keywords: Accounting conservatism Cost of equity financing Factor
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 45
Quote: 0
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Abstract


In the Western countries, the principle of conservatism has been taken into the framework ofmanagement by the setter of international accounting standards and the supervision organization.Based on the particularity of China’s market economy, the development of accountingconservatism has experienced a long period of time in our country. It was not until “Theaccounting standards for enterprises” published in2006, that China officially intake accountingconservatism as one of the accounting information quality requirements.From the references which have been mentioned, scholars mainly study from the aspectsof the internal control, the quality of accounting information, agency, contract and otheraspects.Not until Basu (1997) proposed the surplus-stock relationship model (Basu model), didthe study of accounting robustness enter the stage of empirical research. There are fewsystematic research about the effect of accounting conservatism on the cost of equity financing.This is because the market risk factor, firm size and book-to-market ratio and other factors thatcould directly affect the cost of financing. And the accounting conservatism is one of theindirect factors affecting the cost of equity financing. Based on theoretical analysis andtheoretical assumption model, combined with empirical test, this paper study the impact ofaccounting conservatism on cost of equity.This paper selected851sample data of Shanghai and Shenzhen A-share market listedcompanies in2010to do the research, with Eviews7and Excel assisting analyzing. In the processof study design, the paper used accounting conservatism as independent variables, the controlvariables include not only the traditional stock market risk pricing models(β coefficient), butalso the famous size, BM and β coefficient. In addition, the paper also studied the Chinese listedcompanies financing the cost of factors, including asset turnover, profitability and other factors.The results of the above research show that, accounting conservatism has a certain influenceon the cost of equity financing, and there is a negative correlation between the two. But theresearch also shows that as one of the influencing factors of the cost of equity financing, theimportance of accounting conservatism is not as important as other influencing factors.

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