公司資金成本為債務成本及權益成本之組成。公司為降低資金成本，了解並滿足債權人及權益投資者的需求，係公司達到效率營運的重要課題。對於債權人而言，其關心公司政策的採行是否可提升契約效率，所以穩健效益面為會計穩健對債務成本影響之主要考量。對於權益投資人而言，其關心公司政策的採行是否會喪失盈餘品質，影響其預測未來盈餘之準確性，尤其是盈餘品質中的可預測性，所以穩健成本面為會計穩健對權益成本影響之主要考量。
目前文獻將穩健型態分為兩種：非條件穩健與條件穩健。非條件穩健係指在會計政策下所造成的穩健，取決於會計程序的運作，屬於一種與消息無關或事前穩健。條件穩健係取決於市場消息變化，屬於一種與消息有關或事後穩健。因此，不同穩健型態因本質不同，導致其成本及效益面的展現亦有所不同。本文探討不同穩健型態，因隱含穩健效益面(成本面)的意義不同，對於債務成本(權益成本)是否有不同影響。
本文將研究期間由短期間(一年)替換為長期間(三年)。因為時間效果的關係，導致及時性的累積足以影響期末非條件穩健，那麼條件穩健對資金成本的探討就不能單純著眼於穩健本質，而必需加以考量條件穩健具有導致期末非條件穩健之意涵。因此，本文以長期間為研究樣本，再重新驗證不同穩健型態對資金成本之影響。 另外，穩健成本面過去學者已證實穩健降低盈餘持續性及盈餘品質，並有學者提出穩健盈餘品質的降低可能與盈餘管理有關，因此本文亦作延伸性研究，探討穩健是否會增加盈餘管理。
本文實證結果發現：(1)就短期間而言，條件穩健減少債務成本，而非條件穩健增加債務成本；就長期間而言，條件穩健與非條件穩健皆增加債務成本。(2)就短期間而言，條件穩健增加權益成本，而非條件穩健減少權益成本；就長期間而言，條件穩健與非條件穩健皆減少權益成本。(3)不論短期間或長期間，條件穩健與非條件穩健皆增加盈餘管理。

The cost of capital is formed with the cost debt and equity.To decrease the cost of capital, this is an important study for efficient operating to understand and satisfy the demand of lenders and capital market investors. Prior literatures indicate the practice of conservatism arise beneficial and cost effect. Lenders concern wheather the practice of policy improve debt contracting efficiency. In other words, the benefit of conservatism is the major consideration to influence the cost of debt. Investors concern wheather the practice of accounting conservatism lose earings quality and influence the accuracy of ability to predict future earnings. In the words, the cost of conservatism is the major consideration to influence the cost of equity.
Recent academic literatures indentify two types of accounting conservatism: unconditional conservatism and conditional conservatism. Unconditional conservatism is accounting-based and is decided by accouting policy procedure. It belongs to news independent and ex ante conservatism. Conditional conservatism is market-based and earnings related. It belongs to news dependent and ex post conservatsim. The two dimensions of conservation with differences in nature cause the different responses to cost and benefit of conservatism. We examine wheather the two types of accouting conservatism have the different impact on the cost of debt (equity) when they have distinct the benefital (cost) aspect of conservatism.
The short period (one year) have replaced by the long period (three years). Because of the cumulative effect of asymmetric timeliness in earnings over a period of time, conditional conservatism has larger ability to influence end-of-period unconditional conservatism. The impact of accouting conservatism on the cost of capital not only focuses on the nature of conservatism but also consider the meaning about conditional conservatism with ability to change unconditional conservatism. We argue that the impact of two dimensions of conservatism on the cost of capital over long period again.
In addition, on the cost aspect of conservatism prior scholars confirm that accounting conservatism reduce the earnings persistence and earning quality and refer conservatism may be associated with lower quality earnings due to managers’ opportunistic behavior. So there is a extended research for this motive to argue wheather conservatism increases earnings management.
Empirical results indicate that (1) Over the short period, condtional conservatism reduces the cost of debt and unconditional conservatism increases the cost of debt. Over the long period, conditional and unconditional conservatism both increase the cost of debt. (2) Over the short period, conditional conservatism increases the cost of equity and unconditional conservatism reduces the cost of equity. Over the long term, conditional and unconditional conservatism both reduce the cost of equity. (3) Without respect to over the short period or the long period, conditional and unconditional conservatism raise earnings management hehaviors.

一、中文部分
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吳大成，2002，會計穩健原則對會計盈餘影響：台灣上市公司財務報表表達是否愈來愈保守，國立成功大學會計學研究所未出版碩士論文。
姜家訓與葉鴻銘，2007，債權人監督、公司治理、會計師公費依賴度與盈餘穩健性之關係，中華會計學刊，第六卷，第二期；173-208頁。
張文瀞，2001，審計品質對上市公司盈餘管理之影響，當代會計，第二卷，第二期：195-214頁。
張婉煜，2008，租稅對財務報表穩健影響之研究：理論與實務，國立成功大學會計學研究所未出版碩士論文。
羅怡君，2006，盈餘屬性與資金成本間關係之研究，國立成功大學會計學研究所未出版碩士論文。

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