摘要
文章以2007—2016年我国25家上市影子银行机构的微观数据为基础,探讨了上市影子银行会计稳健性对其权益融资效用优势的影响,为影子银行会计信息与权益融资成本之间的紧密联系提供了新的实证证据。研究发现:我国上市影子银行具有会计稳健性的权益融资效用,且会计稳健水平与权益融资效用优势呈U型关系。进一步的研究显示,与非国有控股的上市影子银行相比,国有控股的上市影子银行在相对较低的会计稳健水平上出现对权益融资成本影响的正向净效应。
Based on the micro data of 25 listed shadow banking institutions in China from 2007 to 2016,this paper explores the influence of accounting robustness of listed shadow banking on its utility advantage of equity financing,providing new empirical evidence for the close connection between accounting information of shadow banking and equity financing cost.It is found that:the listed shadow banking in China have the equity financing utility of accounting robustness,and the level of accounting robustness has a u-shaped relationship with the utility advantage of equity financing.Further research shows that compared with non-state-controlled listed shadow banking,state-owned listed shadow banking have a positive net effect on equity financing costs at a relatively low level of accounting soundness.
作者
中国人民银行乌鲁木齐中心支行会计财务处课题组
王新
蔡真
Chinese people’s bank of Urumqi branch of accounting finance office(Urumqi Central Sub-branch,the People’s Bank of China)
出处
《金融发展评论》
2019年第11期148-158,共11页
Financial Development Review
关键词
会计稳健性
影子银行
权益资本成本
产权性质
Accounting robustness
Shadow banking
Cost of equity capital
Property rights
作者简介
中国人民银行乌鲁木齐中心支行会计财务处课题组组长:王新,中国人民银行乌鲁木齐中心支行,E-mail:314584640@qq.com;课题组成员:苗海燕,中级经济师,中国人民银行博尔塔拉蒙古自治州中心支行,E-mail:2026975263@qq.com;蔡真(执笔),硕士研究生,中国人民银行博尔塔拉蒙古自治州中心支行,E-mail:2428037604@qq.com。
