本研究主要目的在探討會計資訊品質是否會影響公司權益資金成本。由過去文獻可知，採用不同的研究方法或研究區域在探討此一議題時所獲得的結果往往有重大的歧異，因此有必要以我國資料對此再做深入之探討。以往學者多採用一般迴歸模型或多因子模型進行研究，但此兩類方式均存在研究方法上之爭議。為減低研究方法所可能產生的偏誤，本研究參考Cohen（2008）與Core, Guay, and Verdi（2008）的方式，以我國上市櫃公司為對象進行研究，探討會計資訊品質對權益資金成本的影響。實證結果顯示，不論在一般迴歸或資產定價模型下，會計資訊品質與權益資金成本都有顯著關係。由本研究之結果可知，在我國，會計資訊品質所導致之資訊風險為投資人評價一家公司股票時的考慮因素之一。

The main purpose of this paper is to study whether accounting information quality affects the cost of equity capital. Past studies have shown that different research methods or different regions of the sample may lead to different results on this issue. Therefore, it is necessary to investigate this topic with data from Taiwan. In the past, scholars have usually used general regression models or multifactor models to study this issue. However, both of these methods have their own problems. Referring to Cohen (2008) and Core, Guay, and Verdi (2008), this paper uses the listed firms in Taiwan as the research sample to explore the relationship between accounting information quality and the cost of equity capital. The empirical results show that, in the general regression model, whether or not its endogenous nature is controlled for, accounting information quality is significantly negatively related to the cost of equity capital. The results of the asset pricing model also support this point. To sum up, this paper provides evidence that the information risk resulting from accounting information quality affects both nonsystematic and systematic risk. Hence, accounting information quality is priced by investors.