會計(jì)信息披露行為和資本成本【外文翻譯】

1、外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：AccountingInfmationDisclosuretheCostofCapitalInthispaperweexaminewhetherhowaccountinginfmationaboutafirmmanifestsinitscostofcapitaldespitethefcesofdiversification.WebuildamodelthatisconsistentwiththeCapita

2、lAssetPricingModelexplicitlyallowsfmultiplesecuritieswhosecashflowsarecrelated.Wedemonstratethatthequalityofaccountinginfmationcaninfluencethecostofcapitalbothdirectlyindirectly.Thedirecteffectoccursbecausehigherqualityd

3、isclosuresaffectthefirm’sassessedcovarianceswithotherfirms’cashflowswhichisnondiversifiable.Theindirecteffectoccursbecausehigherqualitydisclosuresaffectafirm’srealdecisionswhichlikelychangesthefirm’sratiooftheexpectedfut

4、urecashflowstothecovarianceofthesecashflowswiththesumofallthecashflowsinthemarket.Weshowthatthiseffectcangoineitherdirectionbutalsoderiveconditionsunderwhichanincreaseininfmationqualityleadstoanunambiguousdeclineinthecos

5、tofcapital.Thelinkbetweenaccountinginfmationthecostofcapitaloffirmsisoneofthemostfundamentalissuesinaccounting.Stardsettersfrequentlyrefertoit.FexampleArthurLevittthefmerchairmanoftheSecuritiesExchangeCommission(SEC)sugg

6、eststhat“highqualityaccountingstards...reducecapitalcosts”(Levitt[1998p.81]).SimilarlyNeelFosterafmermemberoftheFinancialAccountingStardsBoard(FASB)claimsthat“Meinfmationalwaysequatestolessuncertainty...peoplepaymefcerta

7、inty.Inthecontextoffinancialinfmationtheendresultisthatbetterdisclosureresultsinalowercostofcapital”(Foster[2003p.1]).Whiletheseclaimshaveintuitiveappealthereissurprisinglylittletheeticalwkonthehypothesizedlink.Inparticu

8、laritisuncleartowhatextentaccountinginfmationfirmdisclosuresreducenondiversifiablerisksineconomieswithmultiplesecurities.Assetpricingexpectedvaluecovariancesoffirmcashflows.Inthefirstcategyweshow(notsurprisingly)thathigh

9、erqualityinfmationreducestheassessedvarianceofafirm’scashflow.AnalogoustothespiritoftheCAPMhoweverweshowthiseffectisdiversifiableina“l(fā)argeeconomy.”Wediscusswhattheconceptof“diversification”meansshowthataneconomicallysens

10、ibledefinitionrequiresmethansimplyexaminingwhathappenswhenthenumberofsecuritiesintheeconomybecomeslarge.Theremainderofthispaperisganizedasfollows.Section2setsupthebasicmodelinawldofhomogeneousbeliefsdefinestermsderivesth

11、edeterminantsofthecostofcapital.Sections34analyzethedirectindirecteffectsofaccountinginfmationonfirms’costofcapitalrespectively.Section5summarizesourfindingsconcludesthepaper.AfinallingeringwryIhaveconcernswhethertimelyd

12、isclosurecouldeverbeobservedletaloneenfced.WoulditrequiremanagerstoholdpressconferencesattheprecisemomenttheyreceiveanyimptantbitofaccountinginfmationSuchimmediatedisclosureseemstobenecessarysinceHakanssonmakesclearthate

13、ven“veryslightdelay“can“renderpotentiallyvaluableinfmationuntimelytherefewthless“HowcouldtheenfcerstellwhenthatmomentoccursSuchextremelyimptantquestionswouldhavetobeansweredbefesuchaschemecouldbeputintopractice.Meoverwed

14、emonstratethatanincreaseinthequalityofafirm’sdisclosureaboutitsownfuturecashflowshasadirecteffectontheassessedcovarianceswithotherfirms’cashflows.Thisresultbuildsonextendsthewkon“estimationrisk”infinance.Inthisliterature

15、infmationtypicallyarisesfromahisticaltimeseriesofreturnobservations.InparticularBarryBrown[1985]ColesLoewensteinSuay[1995]comparetwoinfmationenvironments:Inoneenvironmentthesameamountofinfmation(e.g.thesamenumberofhistic

16、altimeseriesobservations)isavailablefallfirmsintheeconomywhereasintheotherinfmationenvironmenttherearemeobservationsfonegroupoffirmsthananother.Theyfindthatthebetasofthe“highinfmation”securitiesarelowerthantheywouldbeint