商业研究

商业研究

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智力资本价值创造效率与股权资本成本 ——基于注册会计师会计报表审计鉴证意见中介效应的研究

苏明   

  1. （河南财经政法大学 会计学院，郑州 450046）
  • 收稿日期:2017-08-04 出版日期:2018-02-22
  • 作者简介:苏明（1975-），女，河南滑县人，河南财经政法大学会计学院副教授，研究生导师，管理学博士，研究方向：公司财务。
  • 基金资助:
    河南省哲学社会科学规划项目，项目编号：2017BJJ010。

Intellectual Capital Added Efficiency and the Cost of Equity Capital:A Study based on the Mediating Effect of the CPA Audit Opinion Report

SU Ming   

  1. (College of Accounting, Henan University of Economics and Law, Zhengzhou 450046, China)
  • Received:2017-08-04 Online:2018-02-22

摘要： 本文以注册会计师会计报表审计鉴证意见为中介变量，利用2008-2015年我国上市公司A股有关数据，检验智力资本价值创造效率对股权资本成本的影响。研究发现：注册会计师在出具审计意见时受到企业智力资本价值创造效率的影响；企业智力资本价值创造效率的提高可以改善注册会计师会计报表审计鉴证意见，降低其股权资本成本；注册会计师会计报表审计鉴证意见是人力资本价值创造效率影响股权资本成本的有效传导路径之一，但不是结构资本价值创造效率降低股权资本成本的有效中介变量。企业应重视智力资本并基于不同类型智力资本的特征对其进行有效管理，以降低其股权资本成本。

关键词: 智力资本价值创造效率, 股权资本成本, 注册会计师会计报表审计鉴证意见, 中介效应

Abstract: Taking the CPA audit opinion report as an intermediary variable, this paper explores how Intellectual Capital Added Efficiency affects the cost of equity capital based on the data of China′s listed companies from 2008 to 2015. The paper finds that CPA audit opinion is affected by enterprises′ Intellectual Capital Added Efficiency; the improvement of the level of enterprises′ intellectual capital is indeed propitious to the improvement of CPA audit opinion report, which further promotes the decrease of the cost of equity capital; the CPA audit opinion report is one of the effective conduction paths through which human capital efficiency employed affects the cost of equity capital, but not an effective intermediary variable between structure capital efficiency employed and the cost of equity capital. Enterprises should pay more attention to intellectual capital and manage different types of intellectual capital according to their characteristics so as to reduce the cost of equity capital.

Key words: Intellectual Capital Added Efficiency, cost of equity capital, CPA audit opinion report, intermediary effect