Global accounting standards, financial statement comparability, and the cost of capital
Global accounting standards, financial statement comparability, and the cost of capital
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全球会计准则、财务报表可比性和资本成本
DOI：
10.1016/j.iref.2020.05.019
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发表时间：
2020
影响因子：
4.5
通讯作者：
Chao Yan
中科院分区：
文献类型：
--
作者：
Yong Huang;Chao Yan
本文研究了财务报表可比性对资本成本和投资者福利的影响。我们表明，当且仅当会计准则的质量足够高时，资本成本才随着可比性而下降，从而支持概念框架中提出的可比性的相对重要性。我们还发现，现有投资者和新投资者对可比性的要求不同。现有投资者福利的可比性增加，而新投资者福利的可比性下降。此外，当公司的特殊会计计量具有高度波动性和/或相关性时，可比性对资本成本和投资者福利的影响会增强。这些基本发现在交换经济和生产经济中都成立，但存在一定的投资成本门槛，超过这个门槛，资本成本和新投资者的福利就会随着生产经济的可比性而下降。这些研究结果有助于理解可比性的作用，并对会计准则的全球趋同产生影响。
This paper studies how financial statement comparability affects the cost of capital and investor welfare. We show that the cost of capital decreases with comparability if and only if the quality of accounting standards is sufficiently high, thus supporting the relative importance of comparability as proposed in the Conceptual Framework. We also find that current investors and new investors have different demands for comparability. The welfare of current investors increases in comparability, while the welfare of new investors decreases in comparability. Moreover, the effects of comparability on the cost of capital and investor welfare are enhanced when firms’ idiosyncratic accounting measurements are highly volatile and/or correlated. These basic findings hold in both an exchange economy and a production economy, but there is a certain threshold of investment cost above which the cost of capital and the welfare of new investors decreases with comparability in a production economy. These findings are helpful in understanding the role of comparability and have implications for the global convergence of accounting standards.