制造行业会计信息质量对股权融资成本的影响分析

发布时间：2018-01-13 13:06

本文关键词：制造行业会计信息质量对股权融资成本的影响分析　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业要发展就必须获得满足其需求的资金,一旦资金链断裂,企业的投资、生产等行为则难以为继。仅仅依靠内部资金难以满足发展需要,从外部获得融资已经成为企业的必然选择,而在众多的融资渠道中,股权融资已经成为众多企业倾向于选择的重要方式。投资者只有对企业的价值进行评估,对企业的盈利能力、发展前景加以了解、判断才能够真正的进行理性投资,并且获得适当收益。实现上述目标的一个重要前提就是企业将内部的相关信息及时对外披露。只有企业对外披露的会计信息具有较高的质量,能够满足投资者的使用需要,才能够吸引投资者的注意,为企业带来投资、降低企业融资成本。本文主要包括理论分析与实证研究两方面内容,其中理论分析包括归纳梳理过去学者展开的相关研究、介绍相关的理论;实证研究包括样本选取、模型设计以及最后的实证分析。具体来说本文选用沪深A股制造行业的相关数据对会计信息质量与股权融资成本之间的关系展开研究,探讨二者之间的关系;在变量的设计上,本文运用会计信息的稳健性与可靠性两个指标共同衡量会计信息质量;在此基础上引入市场化程度与企业所有制形式两个特殊因素,研究不同背景下会计信息质量与股权融资成本之间关系的变动情况,通过实证研究最终得出结论认为会计信息质量与股权融资成本之间呈现负相关关系并且企业的所有制形式、市场化程度能够对二者之间的关系产生影响。
[Abstract]:Enterprise development must satisfy its demand for funds, once the capital chain rupture, enterprise investment, production behavior is difficult to continue. Only rely on internal funds to meet the need of development, has become an inevitable choice for enterprises to obtain financing from outside, and in many of the financing channels, an important way of equity financing has become the tendency of many enterprises to choose. Only investors of the enterprise value assessment of enterprise profitability, development prospects to understand, judge can truly make rational investment, and get the appropriate benefits. To achieve these goals is an important prerequisite for enterprises and relevant information will be promptly disclosed. Only the internal external disclosure of corporate accounting the information is of high quality, investors can meet the use requirements, in order to attract the attention of investors, bring investment for enterprises to reduce prices The cost of financing industry. This paper mainly includes two aspects: theoretical analysis and empirical research, which includes the theoretical analysis research concludes the past scholars, introduces the related theory; empirical study including sample selection, model design and analysis of the empirical data. This paper selects the Shanghai and Shenzhen A shares of the research on the relationship between manufacturing industry between the quality of accounting information and the cost of equity financing, exploring the relationship between the two variables; in design, the robustness and reliability of the accounting information by using the two indicators to measure the quality of accounting information; on the basis of introducing the ownership form market-oriented and enterprise two special factors, the changes of the relationship between different backgrounds the accounting information quality and the cost of equity financing, through the empirical research concluded that the quality of accounting information and ownership There is a negative correlation between the cost of financing and the ownership form of the enterprise. The degree of marketization can affect the relationship between the two.

【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425

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