股权集中度、会计稳健性与权益资本成本的实证研究

发布时间：2018-05-26 19:15

本文选题：会计稳健性 + 股权集中度　；参考：《西南交通大学》2017年硕士论文

【摘要】：目前,我国企业股权结构中国有股占比较大,且企业内部股权向少数大股东集中,这样一来就很有可能造成大股东利用其控制优势操纵利润,甚至为谋取私利,牺牲广大投资者的利益,从而导致企业的权益资本成本增加。会计稳健性原则对盈利的确认比对亏损的确认有更高的标准,能够将企业生产经营过程中发生的"坏消息"及时以财务报告的形式披露给投资人,进而降低投资人面临的预期风险和要求的预期回报。因此,对现代企业而言,如何有效降低权益资本成本,提高企业的筹资效率,促进资本市场健康、有序发展显得尤为必要。本文主要采用理论分析与实证分析相结合的方法进行研究,以沪深A股2010年到2012年非金融类企业数据为研究样本,将极端异常且无法获取的数据剔除后,最终得到1130个公司共计3390个研究样本,重点研究稳健性水平的高低对企业权益资本成本的影响。在考虑我国资本市场上国有企业比大、企业股权集中度较高的情况下,加入股权集中度与产权属性变量,探讨股权集中度对会计稳健性与权益资本成本相关关系的影响,同时分析不同产权属性下,非金融类企业的会计稳健性与权益资本成本的相关关系。结果发现:在其他条件不变的情况下,如果非金融类企业的会计稳健性水平越高,那么相应的权益资本成本越低;非金融类企业的股权集中度越高,权益资本成本相应较高;非金融类企业的股权集中度越高,那么会计稳健性降低权益资本成本的作用越弱。本文相关研究结果为股权集中度、会计稳健性与权益资本成本的关系提供了比较明确的经验证据,相关实证分析结果对我国企业会计政策的选择与运用以及降低权益资本成本具有重要的现实意义。
[Abstract]:At present, state-owned shares account for a large proportion of the stock ownership structure of enterprises in our country, and the internal shares of the enterprises are concentrated to a small number of major shareholders. As a result, it is very likely that the majority shareholders will use their control advantages to manipulate profits and even to obtain private profits. Sacrificing the interests of the majority of investors, resulting in an increase in the cost of equity capital. The accounting conservatism principle has a higher standard for the recognition of profits than for the recognition of losses. It can disclose the "bad news" that occurs in the course of an enterprise's production and operation to investors in a timely manner in the form of financial reports. In turn, reduce the expected risk faced by investors and the expected return required. Therefore, how to effectively reduce the cost of equity capital, improve the efficiency of raising funds, promote the healthy and orderly development of capital market is particularly necessary for modern enterprises. This paper mainly adopts the method of combining theoretical analysis with empirical analysis, taking Shanghai and Shenzhen A shares as the research samples from 2010 to 2012, after eliminating the extremely abnormal and unobtainable data. Finally, a total of 3390 research samples were obtained from 1130 companies, focusing on the impact of the level of robustness on the cost of equity capital. Considering the large ratio of state-owned enterprises and the high degree of equity concentration in the capital market of our country, this paper introduces the variables of ownership concentration and property right, and probes into the influence of ownership concentration on the relationship between accounting conservatism and equity capital cost. At the same time, this paper analyzes the relationship between accounting conservatism and equity capital cost of non-financial enterprises under different property rights. The results show that the higher the level of accounting conservatism of non-financial enterprises, the lower the cost of equity capital, the higher the concentration of equity, the higher the cost of equity capital. The higher the ownership concentration of non-financial enterprises, the weaker the role of accounting conservatism in reducing the cost of equity capital. The results of this paper provide clear empirical evidence for the relationship between equity concentration, accounting conservatism and equity capital cost. The results of empirical analysis are of great practical significance to the choice and application of accounting policies and the reduction of the cost of equity capital.
【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】：F275;F832.51

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