中文摘要：

基于信息不对称和私有信息含量的理论,提出作为盈余质量指标的盈余波动性信息会影响公司的外部资本成本的假设,通过实证检验结果发现,盈余波动和资本成本的关系与假设不符,进一步研究发现其缘于固有应计波动和可控应计波动的不同信息含量,外部投资者能准确地区分对待两者的波动信息含量,即固有应计的信息含量要高于可操控应计的信息含量,固有应计的波动性能反映出企业的内部风险,而可控应计受主观因素的影响较大,不能如实地反映企业的真实风险,为此,可得出降低固有应计的波动能降低公司的外部资本成本的结论。

英文摘要：

Based on the information asymmetry and the private information content theory,we gave an assumption that the earnings volatility would affect the company＇s external capital cost.Through the empirical test results,we found that the relations between earnings volatility and cost capital didn′t match the assumption,we also found that this result was due to the difference between the information content of inherent accruals volatility and discretionary accruals volatility,.The external investors were able to distinguish the difference.The fact wer that the information content of inherent accruals volatility was higher than the information content of discretionary accruals volatility.The inherent volatility could reflect the enterprise＇ operational and financial risks,but the discretionary accruals was affected by the management control and professional judgments,and could not accurately reflect the real risk.At last,we came in such a conclusion that reducing the volatility of inherent accruals could reduce the company＇s external cost of capital.