應計項目品質向為國內外學者在盈餘管理方面所探討之焦點，本研究企圖討論應計項目品質與資金成本之關係，並以益本比、系統風險係數、會計風險等等代理變數檢證之。研究是否公司應計項目品質之優劣影響該公司之資金成本，而其影響是否可由本文之分析中得到證明。
若一公司所面臨之風險較高，是否市場將給予該公司證券較低之價格，或要求較高之報酬，造成了較高的資金成本；在要求報酬愈高而股價愈低之時，該公司本益比
即愈小，而本益比愈小之公司有愈大之益本比，因此可知益本比愈大則風險愈大，資金成本愈大，其中風險所指者乃是無法分散之非系統風險。本文以1996 至2005 年之台灣上市、上櫃公司為樣本，將盈餘品質中影響最鉅者，應計項目品質作為自變數，與產業調整後之益本比、系統風險係數、會計風險指標，三項權益資金成本代理變數進行分析與檢證，實證結果說明如下：
一、依據 Dechow and Dichev Model 及由 Modified Dechow and Dichev Model 求出之應計項目品質指標均可證實與產業調整後益本比呈顯著正相關。故應計項目品質愈低，則資金成本愈高，而應計項目品質愈高，資金成本愈低；可得到應計項目品質與權益資金成本呈反向關係之結論。
二、依據 Dechow and Dichev（2002） 所使用之方法，可見應計項目品質指標與系統風險係數呈正向變動，惟僅有少數顯著，而迴歸分析結果亦不顯著，由於以往文獻無法確實證明系統風險係數與資金成本之關係是否密切，故當企業之盈餘中應計項目品質愈低時，我們不一定能推論出該公司之系統風險係數即愈大之結論，亦無法確實證明，應計項目與系統風險呈反向關係之假說。
三、依據 Dechow and Dichev Model 及由 Modified Dechow and Dichev Model 求出之應計項目品質指標均可知應計項目品質愈低，會計風險愈高，則資金成本愈高；而應計項目品質愈高，會計風險愈低，則資金成本愈低；可得應計項目品質與會計風險呈反向關係之結論。

The quality of accruals is always a famous topic when talking about Earnings Management. This paper follow Dechow and Dichev（2002）and McNichols（2002）to test the quality of accruals with Dechow and Dichev Model and Modified Dechow and Dichev Model as independent variables. Take EP ratio, the system risk variable（Beta）, accounting risk as dependent variable. Using empirical model to test their relation. If the quality of accruals affect the cost of funding, is what this paper want to discuss.

If a company face higher risk, does the whole market value its stock as worse and would not like to get its stocks at fair value? Or the market will ask for higher rewards as getting the stock? As the market ask for higher reward and lower stock price, the company have lower PE ratio. The company with lower PE ratio gets higher EP ratio. So we know a company with higher EP ratio will face higher risk. Here, the risk means the undistributable system risk.

Using the data of the public companies of Taiwan during 1996 to 2005 as study sample（334 firms）. Specifically, the paper examine the following three related issues. And list the conclusions as follow.

1. Using Dechow and Dichev Model and Modified Dechow and Dichev Model to get the quality index of accruals. Examine the relation between the quality index and adjusted EP ratio. They are significantly positive related. So we know that a company with lower quality of accruals will be charged higher cost as funding. The conclusion is the quality of accruals and the cost of funding are negative related.

2. Using Dechow and Dichev Model and Modified Dechow and Dichev Model to get the quality index of accruals. Examine the relation between the quality index and Beta risk. We only observed the trend of Beta and the index moving in the same direction. But we can not prove if they are significantly related. So the result does not support the expected conclusion.

3. Using Dechow and Dichev Model and Modified Dechow and Dichev Model to get the quality index of accruals. Examine the relation between the quality index and accounting risk index. They are significantly positive related. So we know that a company with lower quality of accruals will face higher accounting risk and will be charged higher cost as funding. The conclusion is the quality of accruals and the accounting risk are negative related.

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