Monetary Policy,Accounting Information Quality And Equity Capital Cost

The cost of equity capital is one of the important issues in the company's research,and it has an important impact on the company's investment,financing and other behaviors.In the past,most of the research on the cost of equity capital began from the micro level of the company.However,in recent years,the impact of monetary policy changes on the capital market has gradually increased.The financing choices of enterprises are not only related to their own characteristics,but also affected by the capital market.Impact.However,there is little research on the impact of monetary policy changes on the cost of corporate equity capital.Based on this,this paper studies whether monetary policy changes have a significant impact on the cost of equity capital.Enterprises can transmit important information to external investors through disclosed accounting information.By improving the quality of accounting information,information asymmetry between enterprises and investors can be alleviated and the financing cost of enterprises can be reduced.From the perspective of macro-monetary policy and micro-enterprise behavior,this paper analyzes the impact of macro-monetary policy on the cost of corporate equity capital and the role of accounting information quality,and discusses the relationship between monetary policy,accounting information quality and equity capital cost.The main research contents of this paper are as follows:(1)The impact of monetary policy on the cost of corporate equity capital,whether the cost of equity capital of enterprises rises significantly during the period of monetary policy tightening,and(2)Whether the influence of monetary policy on the cost of equity capital is due to corporate property rights There are differences in nature,(3)how accounting quality affects the relationship between monetary policy and cost of equity capital,(4)According to the degree of financial constraints of the enterprise,examine the relationship between monetary policy,the quality of corporate accounting information and the cost of equity capital.In view of the above research content,this paper selects the annual data from 2009 to 2017,selects A-share listed companies in Shanghai and Shenzhen markets as research samples,and empirically analyzes the impact of monetary policy changes and corporate accounting information quality on the company's equity capital cost.The following conclusions are drawn:(1)Through multiple linear regression,when monetary policy is tightened,the cost of corporate equity capital will increase significantly.(2)After the mean difference analysis and multiple linear regression of the sample grouping,when the monetary policy is tightened,the cost of equity of non-state-owned enterprises increases more obviously than that of the state-owned enterprises.(3)After adding the accounting information quality adjustment variables,the study found that when monetary policy is tightened,enterprises with higher accounting information quality can effectively alleviate the adverse effects of monetary policy on the cost of equity capital.(4)After group regression analysis,it is found that in the enter:prises with higher degree of financing constraints,the impact of high accounting information quality on monetary policy and equity capital cost is more significant.This paper innovatively studies the relationship between monetary policy,accounting information quality and equity capital cost,and analyzes the heterogeneity of financing degree at the enterprise level.It enriches the impact of macroeconomic environment changes on the micro level of enterprises.Research.Second,it helps monetary policymakers to more fully consider the impact of monetary policy,which helps companies better understand the impact of monetary policy and encourage them to actively improve the quality of accounting information.The research in this paper also facilitates investors to make investment decisions and reduce investment risks,which has practical reference significance for guiding market funds.