Research On The Influence Of Accounting Information Quality On Equity Financing Costs Of Listed Companies

High-quality corporate accounting information is an important condition for the capital market to play an important role in raising the quality of accounting information disclosure of listed companies for the protection of investors,enhance corporate image and improve the efficiency of capital allocation of great practical significance.According to the quality inspection announcement of accounting information for 2017 issued by the Ministry of Finance,the quality of accounting information disclosed by Chinese enterprises has been raised.However,there are still many enterprises that provide false information for financing,which is damaging the interests of Chinese investors as well as disrupting The operation of our capital market.Therefore,to study how the quality of accounting information disclosure affects the cost of equity refinancing of listed companies and how to encourage them to voluntarily improve the quality of accounting information disclosure becomes an urgent research issue.Based on the theories of signal transmission theory,information asymmetry theory,capital market information conduction,investor risk prediction and stock liquidity,this paper studies the influence of listed companies' quality of accounting information on their equity refinancing costs.In addition to considering the current impact of accounting information,this paper also studies the lagged impact of accounting information quality and the impact of distinguishing the nature of corporate ownership,with a view to enabling enterprises to proactively improve the quality of disclosing information,reduce the cost of equity financing and ultimately form a virtuous circle.In this paper,the quality of accounting information is measured by the degree of earnings management of listed companies.The calculation method uses the modified Jones model and the OJN model to calculate the cost of equity financing.The research sample is the A-share listed company of Shenzhen and Shanghai stock exchanges in2014-2016.Enterprise size,beta coefficient,book value to market ratio and other variables,the use of multiple regression methods,empirical analysis of the relationship between the two.And based on the empirical results,the paper puts forward somesuggestions on how to improve the quality of listed companies' disclosure of accounting information.The conclusion of this paper is:First,the quality of accounting information of listed companies does have a negative impact on the current equity financing costs,that is,raising the quality of accounting information of listed companies will reduce the cost of equity financing of the current period.Second,the accounting information of listed companies does exist the impact of information lag,improve the quality of current accounting information will reduce the company's equity financing costs in the next period.This conclusion will help our enterprises to improve the quality of accounting information on a long-term,continuous and proactive basis and form a good market environment.Third,the role of state-owned listed companies in raising the quality of accounting information will lower the cost of equity financing significantly than the non-state-owned listed companies.In combination with the current state-owned enterprise restructuring and economic restructuring and development in our country,improving the quality of accounting information in state-owned enterprises and reducing the financing cost of the state-owned listed companies is a realistic path.