本研究在於檢測會計穩健性與資訊揭露對權益資金成本之影響，研究中以台灣上市公司為對象，以Fama and French (1993)三因子模型衡量權益資金成本，以Khan and Watts (2009)提出之CSCORE衡量會計穩健性，以買賣價差衡量資訊透明度。實證結果發現，僅採用穩健性會計政策並無法收到降低權益資金成本之效果，顯示一般投資者可能無法洞悉公司會計政策之穩健性，因而不會增加其投資偏好。另實證結果指出，當企業資訊揭露較充分時，如公司採用較穩健性政策，可收到權益資金成本下降效果，顯示資訊揭露有助於投資者判斷公司會計政策穩健性，進而能有效反映於籌資成本。
This study is to examine the impact of accounting conservatism and information disclosure on the cost of equity capital. In the study, the Fama and French (1993) three factor model was used to measure the cost of equity capital. The C-SCORE was proposed by Khan and Watts (2009) to measure accounting conservatism and to measure the disclosure of the information by the bid-ask spread. The empirical results show that only accounting conservatism policies can’t get the effect of reducing the cost of equity capital. This indicates that the general investors may not be able to understand the company's policy of accounting conservatism, and thus will not increase their investment preferences. Another empirical results show that when the enterprise information disclosure is more adequate and adopts a more accounting conservatism policy, it can get the effect of capital cost reduction. It means that information disclosure will help investors to determine the company's policy of accounting conservatism, and thus can be effectively reflected in financing cost.
