Review of Accounting Studies · Volume 20, Issue 1 · March 2015
公司声誉与权益资本成本
作者：Y Cao (The Chinese University of Hong Kong), JN Myers (University of Arkansas), LA Myers (University of Arkansas), TC Omer (University of Nebraska–Lincoln)
摘要：我们调查了拥有更好声誉的公司是否享有更低的股权融资成本。使用1987年到2011年9276个美国大公司作为样本，同时从财富（Fortune）的“美国最受尊敬的公司”名单中获取声誉排名，我们发现了强有力的证据：声誉得分较高的企业享受较低的资本成本，该结果在控制了决定权益成本的其他因素时仍然成立。此外，我们发现随着信息不对称程度的增加，声誉对权益成本的影响程度也在增加，这与声誉排名提供有关公司质量的信息相一致。我们还发现，声誉的变化与公司投资者基础的后续变化相关，这与声誉排名影响投资者的认可和提高风险分担相一致。通过识别一个独特的权益成本决定因素，我们补充了关于资本成本的文献，同时我们也通过证明一个来源于创造和维持高声誉的重要的收益，从而补充了关于声誉的文献。
关键词：公司声誉，股权成本，信息不对称，投资者识别，风险分担
Company reputation and the cost of equity capital
Y Cao (The Chinese University of Hong Kong), JN Myers (University of Arkansas), LA Myers (University of Arkansas), TC Omer (University of Nebraska–Lincoln)
ABSTRACT
We investigate whether companies with better reputations enjoy a lower cost of equity financing. Using a sample of 9,276 large US companies from 1987 to 2011 and the reputation rankings from Fortune’s “America’s Most Admired Companies” list, we find strong evidence that companies with higher reputation scores enjoy a lower cost of equity capital even after controlling for other factors that determine the cost of equity. In addition, we find that the effect of reputation on the cost of equity increases with the degree of information asymmetry, consistent with the reputation rankings providing information about company quality. We also find that changes in reputation are associated with subsequent changes in the company’s investor base, consistent with reputation rankings affecting investor recognition and improving risk sharing.We contribute to the cost of capital literature by identifying a unique determinant of the cost of equity and to the reputation literature by demonstrating an important benefit that derives from creating and maintaining a high reputation.
Keywords: Company reputation，Cost of equity，Information asymmetry，Investor recognition，Risk sharing
原文链接：http://link.springer.com/article/10.1007/s11142-014-9292-9
翻译：黄涛
