财经理论与实践Issue(3)：80-86,7.
权益资本成本的行业特征研究
Industrial Features of Firms'Cost of Equity Capital
摘要
Abstract
Using a total of 2 5 5 2 firm-year balanced panel data of China's A-share listed compa-nies during the period of 2004 to 2011,this paper investigates the cost of equity capital's industri-al differences and industrial features.The results show that there are significant differences in the costs of equity capital in different industries and in manufacturing sub-categories,and such differ-ences are relatively stable over time;the degree of industrial competition and the fluctuation of in-dustrial profits have significantly positive effect on the costs of equity capital,which reflects the effect of the idiosyncratic risk of product market competition;the fluctuation of the return of an industry and the industrial growth have significantly negative and positive effects respectively on the cost of equity capital;and the reform of accounting standards strengthens the industrial factor 'effect on the cost of equity capital.关键词
权益资本成本/行业特征/会计准则Key words
Cost of equity capital/Industrial feature/Accounting standards分类
管理科学引用本文复制引用
张军华..权益资本成本的行业特征研究[J].财经理论与实践,2014,(3):80-86,7.基金项目
国家社会科学基金(11BGL026)、河南省软科学研究计划项目(132400410913) （11BGL026）
