关键词: 会计信息可比性,环境不确定性,股权融资成本

Abstract: The higher comparability of accounting information is conducive to the users of the reports to compare and identify the quality of accounting information of different enterprises in the same industry. Taking China’s non-financial listed companies from 2007 to 2014 as the research objects, this paper conducts an empirical test of the relationship between the comparability of accounting information and the cost of equity financing. The findings show that the comparability of accounting information is negatively correlated to the cost of equity financing, that is, the higher the comparability of accounting information of a company, the lower the cost of its equity financing. The environmental uncertainty will weaken the negative correlation between comparability and the cost of equity financing. Further research finds out that the comparability of accounting information affects the costs of corporate equity financing through the liquidity of the stock.

Key words: comparability of accounting information; environmental uncertainty; equity financing costs