會計信息的討論，披露，和資本成本【外文翻譯】

1、外文文獻翻外文文獻翻譯譯譯譯文原文：DiscussionofAccountingInfmationDisclosuretheCostofCapital1、IntroductionAfirm’scostofequitycapitalisusuallydefinedastheminimumriskadjustedreturnaninvestmentinthefirmmustearnindertobeacceptabletoinvestssh

2、areholders.ArmedwiththisdefinitionLambertLeuzVerrecchia[2007](hereafterLLV)examinewhetherhowpublicinfmationinterpretedasaccountingreptsdisclosuresaffectsafirm’scostofequitycapital.LLVmotivatetheirstudyintwoways.Firstthey

3、suggestthatitwouldbehelpfultobetterunderstthelinkbetweenaccountinginfmationthecostofequitycapitalbecauseinstitutionssuchastheSECFASBthatregulatefinancialreptingtakeintoaccountatleastareconcernedaboutthecapitalmarketconse

4、quencesofnewexistingaccountingstards.Secondtheysuggestthatitwouldbehelpfultoclarifytheroleofaccountinginfmationinlargeeconomieswhereonlycertaintypesofrisksarepricedbecauseinvestslikelydemthetypesofaccountinginfmationthat

5、helpthembetterassessthoserisks.SincetheCAPMprovidesatimehonedtheyfthepricingofriskLLVbegintheiranalysisbyrecastingtheCAPMintoafmthatexplicitlyhighlightstheroleofpublicinfmationthatistheyexpressmeansvariancescovariancetha

6、tdefinetheCAPMintheirconditionalfmconditionalonpublicinfmation.Theythenshowthatundersomesimplifyingassumptionsafirm’sexpectedreturncostofequitycapitalcanbeexpressedasE(Ri|Φ)=Rfriskpremiumpriceofthesecurity(1)wherethevect

7、ΦrepresentspublicdisclosuresofaccountinginfmationRfrepresentstheriskfreeratethepriceofthesecurityinthedenominatofexpression(1)equalsthefirm’scertaintyequivalentcashflowsconditionalonpublic2.ConferenceDiscussionMuchofthec

8、onferencediscussionrevolvedaroundtwomainpoints:1)DoestheLLVmodelprovidesufficienttheeticalinsightsaboutfirms’expectedreturnsthecostofequitycapital2)DoestheLLVanalysisprovidesufficientguidancefempiricalresearchthatexamine

9、sthelinkbetweenfirms’accountingdisclosurestheircostofequitycapital2.1THEETICALINSIGHTSConferenceparticipantsquestionedthetheeticalinsightsofLLV’smodelrangingfromthegeneralityofspecificassumptionstoquestionsabouttheoveral

10、lsuitabilityofthemodeltoaddresscostofcapitalissues.SomeconferenceparticipantsfeltthatLLV’sfocusonafirm’scostofequitycapitalwasnotbasedonacompellingendogenousmotivethatemanatedfromthemodel.Finstanceoneparticipantexpressed

11、theviewthatitisunrealistictotalkaboutafirm’scostofcapitalwithoutanexplicitconsiderationofthedemsupplyfsuchcapital.InthisregardalthoughLLV’sanalysisofrealdecisionsinsection4ofthepaperisausefulstepinthisdirectiontherewasno

12、helesssomecallfmeexplicitmodelsoffirms’productiondecisionscrespondingneedstoraisemecapital.AlternativelyitwassuggestedthatLLVexplicitlyconsideraperfmanceevaluationsettingwherecpatemanagersareconcernedaboutafirm’scostofca

13、pitalbyvirtueofbeingevaluatedonresidualincomeasimilareconomicvalueaddedmeasure.Conferenceparticipantsalsoraisedconcernsaboutthenaturetypesofaccountinginfmationconsideredinthemodel.Inparticularsomeparticipantsquestionedwh

14、ethertheaccountinginfmationdisclosurescontemplatedinthemodelwereintendedto“l(fā)eveltheplayingfield”byaddressinginfmationasymmetriesamongstinvestswhethertheywerepublicinfmationcommonlyobservedbyallhomogeneouslyinfmedinvests.