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