财务信息披露质量与股权资本成本的关系研究

发布时间：2018-01-02 22:13

本文关键词：财务信息披露质量与股权资本成本的关系研究　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：真实、准确、完整、及时的财务信息披露是资本市场有效进行的保证。提高上市公司的信息披露水平对于保护中小投资者和债权人的利益、完善公司治理结构、提高资本市场效率具有现实意义。股权资本成本是理财学的核心概念之一，它是投资者要求的最低报酬率，直接影响到企业投融资决策，决定企业股东财富最大化目标是否实现。高质量的信息披露有利于上市公司获取股权融资，因而对股权资本成本产生重要影响。信息披露质量与股权资本成本之间的关系研究，是近些年来国内外理论研究界的热点问题之一。本文在借鉴国内外相关研究的基础上，系统介绍了财务信息披露及股权资本成本的界定，同时简要回顾了几种主要的股权资本成本估算模型，并从财务信息披露质量与股权资本成本相关关系的理论基础（资本市场有效性假设理论、信息不对称理论、代理理论等）出发，分析了财务信息披露质量对于股权资本成本的影响。然后在这些理论分析的基础上提出研究假设，，构建整体模型。在变量选取上，本文采用深交所信息披露评级结果作为财务信息披露质量的衡量指标；采用事前估计的思路，以面向未来为视角，采用经济增长模型（OJN模型）来计算上市公司的股权资本成本；选取β系数、资产规模、财务风险、盈利水平、市场波动性及资产周转率作为控制变量。选取我国深市A股2009—2011年房地产行业上市公司的财务指标数据作为研究对象，通过描述性统计分析、相关性及多元回归分析揭示样本公司财务信息披露对股权资本成本的影响程度，得出二者呈显著负相关关系的研究结论。最后，本文分别从宏观和微观层面提出了若干政策建议，并阐述了研究的局限性与不足。
[Abstract]:True, accurate, complete and timely financial information disclosure is the guarantee of effective capital market. To improve the level of information disclosure of listed companies to protect the interests of small and medium-sized investors and creditors, improve the corporate governance structure. It is of practical significance to improve the efficiency of capital market. The cost of equity capital is one of the core concepts of financial management. It is the lowest rate of return required by investors and directly affects the investment and financing decisions of enterprises. Determine whether the corporate shareholder wealth maximization goal is achieved. High quality information disclosure is helpful for listed companies to obtain equity financing. The research on the relationship between the quality of information disclosure and the cost of equity capital is one of the hot issues in the field of theoretical research at home and abroad in recent years. Based on the domestic and foreign related research, this paper systematically introduces the definition of financial information disclosure and equity capital cost, and briefly reviews several main equity capital cost estimation models. And from the financial information disclosure quality and equity capital costs related to the theoretical basis (capital market effectiveness hypothesis theory, information asymmetry theory, agency theory and so on). This paper analyzes the impact of financial information disclosure quality on equity capital cost. Then on the basis of these theoretical analysis, this paper puts forward the research hypothesis and constructs the overall model. This paper adopts the information disclosure rating result of Shenzhen Stock Exchange as a measure of the quality of financial information disclosure. In this paper, the author uses the thought of pre-estimate and the future-oriented view to calculate the cost of equity capital of listed companies by using the economic growth model and the OJN model. Select 尾 coefficient, asset size, financial risk, profit level. Market volatility and asset turnover are taken as control variables. The financial index data of real estate listed companies in China's Shenzhen A share market from 2009-2011 are selected as the research object, and the descriptive statistical analysis is carried out. Correlation and multiple regression analysis reveal the impact of financial information disclosure on the cost of equity capital, and draw a conclusion that there is a significant negative correlation between the two. Finally. This paper puts forward some policy suggestions from the macro and micro levels, and expounds the limitations and shortcomings of the research.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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