上市公司会计信息透明度的经济后果研究

发布时间：2018-04-25 14:37

本文选题：会计信息透明度 + 机构投资者行为　；参考：《西南大学》2012年硕士论文

【摘要】：由于规范上市公司信息披露行为,提高证券市场信息披露质量,保护投资者的权益,是资本市场稳定发展的必要条件,也是证券监管的基本要求,更是促进经济健康发展的前提,所以会计信息透明度一词引起了学术界很大的关注度,并旦上市公司会计信息透明度提高的经济后果,无论是对证券市场,还是投资者,还是公司本身都有着极大的意义。本文从上市公司会计信息透明度经济后果的研究背景出发,阐述了研究的目的、思路、内容、框架以及方法,并探讨了上市公司会计信息透明度经济后果的理论基础：有效资本市场理论、信号传递理论、代理理论,综合论述了国内外研究现状,对上市公司会计信息透明度的经济后果研究情况进行了总结。本文选取了较有代表性的三个方面经济后果作为研究对象,分别是机构投资者的行为、会计盈余价值相关性、权益资本成本,机构投资者的行为是从会计信息透明度对投资者的投资行为的影响角度来研究会计信息透明度的经济后果,会计盈余价值相关性是从会计信息透明度在证券市场的影响的角度来研究会计信息透明度的经济后果,权益资本成本是从会计信息透明度对公司自身的融资影响的角度来研究会计信息透明度的经济后果的。对于会计信息透明度的度量问题一直是一个难题,目前国内外有很多种度量方法,各有优缺点。本文以深圳证券交易所对上市公司的信息披露考评等级作为会计信息透明度的度量指标,原因在于该度量方法比较适用于我国的情况,也比较符合会计信息透明度综合性、全面性的特点,也比较有权威性和客观性。并且采用标识盈余管理的变量和标识审计意见类型的变量来对会计信息透明度的度量指标进行恰当性检验,初步验证了以信息披露考核结果来衡量我国上市公司信息透明度的合理性。在选定了会计信息透明度的度量指标后通过实证的方法研究了上市公司会计信息透明度的经济后果,主要是从机构投资者投资行为、会计盈余价值相关性、权益资本成本这三个方面进行了描述性统计分析、相关性分析、多元回归分析以及稳定性检验,得出的结论是：上市公司会计信息透明度与投资者行为之间是正相关关系的,表现为上市公司会计信息透明度越高,那么上市公司可以吸引更多的机构投资者的关注,机构投资者愿意提高持股比例,持有更多的股票；以价格模型为基础研究的上市公司会计信息透明度与会计盈余价值相关性的正相关关系,表明了上市公司会计信息透明度越高,则每股收益的价值相关性越高,但是每股净资产的价值相关性没有得到显著的提升；上市公司会计信息透明度与以OJ模型计算的权益资本成本之间存在显著的负相关关系,即上市公司会计信息透明度越高,上市公司的权益资本成本越低；同时粗略验证了在研究上市公司会计信息透明度对投资者行为、会计盈余价值相关性、权益资本成本的影响时的回归模型是稳定性的,其结论更可信。
[Abstract]:To standardize the information disclosure behavior of listed companies, improve the quality of information disclosure in the stock market and protect the rights and interests of investors is the necessary condition for the stable development of the capital market, the basic requirement of the securities regulation, and the premise of promoting the healthy development of the economy. The economic consequences of improving the transparency of accounting information of listed companies are of great significance to the securities market, investors or companies themselves.
Based on the research background of the economic consequences of accounting information transparency in listed companies, this paper expounds the purpose, ideas, contents, framework and methods of the research, and discusses the theoretical basis of the economic consequences of the transparency of the accounting information of listed companies: the effective capital market theory, the signal transmission theory, the agency theory, and the comprehensive discussion of the research at home and abroad. This paper summarizes the economic consequences of accounting information transparency of listed companies. This paper selects three representative economic consequences as the research object, namely, the behavior of institutional investors, the relevance of the value of accounting earnings, the cost of equity capital, and the behavior of the institutional investors from the transparency of accounting information. The economic consequences of accounting information transparency are studied by the influence of investors' investment behavior. The relevance of accounting earnings value is to study the economic consequences of accounting information transparency from the angle of the influence of accounting information transparency in the securities market. The cost of equity capital is from the angle of the influence of accounting information transparency to the company's own financing. To study the economic consequences of transparency in accounting information.
The measurement of accounting information transparency has always been a difficult problem. There are many kinds of measurement methods at home and abroad, and each has its own advantages and disadvantages. This paper takes the evaluation grade of the information disclosure of the listed companies on the Shenzhen stock exchange as a measure of the transparency of the accounting information. The reason is that the measurement method is more suitable for the situation in China and is also compared to the situation in China. In accordance with the comprehensive and comprehensive characteristics of accounting information transparency, it is also more authoritative and objectivity. And the variables of identifying earnings management and the variable of identifying audit opinion types are used to test the measurement index of accounting information transparency, and it is preliminarily verified that the results of information disclosure assessment are used to measure the public listing in China. After choosing the measurement index of accounting information transparency, the economic consequences of the transparency of the accounting information of the listed companies are studied through empirical methods, mainly from the three aspects: the investment behavior of institutional investors, the relevance of the value of accounting earnings, and the cost of equity capital. The conclusion is that the transparency of the accounting information of listed companies is positively related to the investor behavior, which shows that the higher the transparency of the accounting information of the listed companies, the listed companies can attract more attention of the institutional investors, and the institutional investors are willing to improve the shareholding ratio. A positive correlation between the transparency of the accounting information and the relevance of the value of accounting earnings based on the price model shows that the higher the transparency of the accounting information of the listed companies, the higher the value relevance of the earnings per share, but the value relevance of the per share net assets has not been significantly improved. There is a significant negative correlation between the transparency of the accounting information of the listed companies and the cost of equity capital calculated by the OJ model, that is, the higher the transparency of the accounting information of the listed companies, the lower the cost of equity capital of the listed companies, and at the same time a rough verification of the accounting earnings value of the accounting information transparency of the listed companies and the value of the accounting earnings. Correlation, the regression model of the impact of cost of equity capital is stable, and the conclusion is more credible.

【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

【参考文献】