文章基本信息

标题：Accounting Information and Cost of Capital: A Theoretical Approach
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作者：Nicholas Apergis ; George Artikis ; Sofia Eleftheriou 等
期刊名称：Modern Economy
印刷版ISSN：2152-7245
电子版ISSN：2152-7261
出版年度：2011
卷号：2
期号：4
页码：589-596
DOI：10.4236/me.2011.24066
出版社：Scientific Research Publishing
摘要：The primary goal of this study is to provide a theoretical model that shows explicit solutions for equilibrium prices and derives the equilibrium required return for the firm’s stock price. In other words, this theoretical study provides a direct link between accounting information, related to the firm’s reports, and the cost of capital within an equilibrium setting. Accounting information is judged to be of high value because it affects the market’s ability to direct firms’ capital allocation choices. The findings showed that an increase in expected cash flows, coming from improvements in the quality of accounting information, leads to a reduction in the firm’s cost of capital.
关键词：Theoretical Model; Accounting Information; Cost of Capital; Stock Returns