郑祯与刘馨茗在Journal of Business Research发表论文

信息来源: 发布时间:2022年05月24日



      2021年4月,会计学系/会计发展研究中心郑祯(第一作者),刘馨茗(通讯作者)及合作者撰写的论文“Product market competition and the cost of equity capital”发表于Journal of Business Research。



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     论文摘要

   This paper provides empirical evidence that firms in more competitive industries have lower cost of equity capital than those in concentrated industries. The association between product market competition and the cost of equity capital is more pronounced with lower analyst coverage, lower forecast accuracy, higher forecast dispersion, and higher bid-ask spread. Using import tariff rate reductions as a quasi-natural experiment, we find that tariff reductions intensify domestic product market competition, which in turn reduces firms’ cost of equity capital. When the tariff rate reduction is larger, the more intensified competition reduces the cost of equity capital to a greater extent. Tariff rate reductions also influence firms’ financing policy, cash flow from operations, and growth rate.



作者介绍



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     郑祯,厦门大学管理学院会计系副教授。2016年加入厦门大学管理学院,承担Principles of Accounting、计量技术与统计方法、法务会计与审计、审计理论与方法研究课程教学。研究领域为信息披露、资本市场与会计、税务。已在Journal of the American Taxation Association、European Accounting Review、British Accounting Review、Journal of Business Research等期刊发表论文。主持国家自然科学基金青年项目、中央高校基本科研业务费专项资金,参与国家自然科学基金重大项目、国家社会科学基金重大项目、教育部人文社会科学重点研究基地重大项目、财政部专项课题等。