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An Empirical Research on Agency Problem，accounting Information Quality and Cost of Equity

Author: ZuoYiZuo
Tutor: XiaoXing
School: Tsinghua University
Course: Business Administration
Keywords: Quality of Accounting Information Performance notice Cost of Equity Capital Agency Costs
CLC: F275
Type: Master's thesis
Year: 2009
Downloads: 225
Quote: 1
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Abstract


High-quality accounting information is the cornerstone of effective operation of the capital market , the effective functioning of the capital market plays a pivotal role. High-quality accounting information can truthfully reflect management's fiduciary obligation is to help users of financial statements to make the right economic decisions. In China 's capital market, the regulatory authorities on the one hand by improving accounting standards for listed companies to regulate financial information , on the other hand through the development of relevant rules and regulations listed company information disclosure of listed companies to improve the level of disclosure of non-financial information . In this paper, 2004 - 2007 Chinese A-share listed companies as samples, listed companies, agency costs ( ie, management and agency costs between shareholders and controlling shareholders and other shareholders of the agency costs ) for the theoretical framework of accounting information quality and performance from the perspective of notice , to analyze the different properties listed property companies in these areas if there are significant differences as well as the reasons for such differences exist , and this difference in the capital markets on whether the listed the company's cost of equity capital impact validated , the final use of relevant theory to explain . Study found that , since the second agency costs arising from differences dominated the first agency costs arising from differences between state-owned listed company's accounting information quality is significantly better than the private listed companies , state-owned listed company's management than the private listed companies performance management is more willing to notice , and in the capital markets, the state-owned listed companies lower cost of equity capital . In the central state-owned enterprises and local state-owned enterprises comparison , the central state-owned enterprises accounting information quality is better than the local state-owned enterprises , but also relatively more willing to results notice, but that did not make the central state-owned enterprises in the capital markets get a lower cost of equity capital . In private enterprise, the degree of separation of low quality of accounting information of listed companies to be slightly better than a high degree of separation of listed companies , but also tend to be relatively more results notice , but that did not make it in the capital markets to be more lower cost of equity capital .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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