高科技上市公司信息披露质量对股权融资成本影响的实证研究

发布时间：2018-01-01 17:12

本文关键词：高科技上市公司信息披露质量对股权融资成本影响的实证研究　出处：《沈阳理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：信息披露是连结上市公司和资本市场的重要桥梁和纽带，是解决信息不对称问题的重要工具，影响着资本市场的有效性和社会资源的配置效率,许多公司要么迫于监管的要求，要么迫于外界舆论压力，，被动进行信息披露，有的公司基于发行股票和业绩考核等目的选择了披露虚假的信息，却并不是出自于自身战略等方面的考虑而进行有效的信息披露，导致大量信息披露不规范现象出现。信息披露的效果受到影响，反过来也会影响公司披露信息的动力，严重阻碍了我国资本市场的健康发展。因此，提高信息披露质量对资本市场的健康发展起着越来越重要的作用。同时股权融资成本也是筹资管理中的一个重要组成部分，是公司理财的核心。信息披露质量对资本成本的影响是会计领域的一个基本问题，也是经济金融领域的一个重要问题，逐渐成为广大学者研究的方向。很多的实证研究也证明了信息披露质量与股权融资成本之间存在着显著关系。本文从理论和实证两个方面研究我国高科技上市公司信息披露对股权融资成本的影响。在对样本的选取和检验的基础上，运用描述性统计、相关性分析、多元回归等方法进行分析，最终可以得出结论：高科技上市公司信息披露质量的提高有利于降低股权融资成本；同时由于信息传递具有延后性，高科技上市公司的股权融资成本不但受到本年度信息披露质量的影响，还受到上一年度信息披露质量的影响，且受上一年度的影响程度更大；随后，在不同的市场上去验证，发现主板市场上，信息披露质量对股权融资成本的影响程度更大；最后针对实证结果，结合我国高科技上市公司实际情况从政府部门、中介机构、机构和个人投资者、公司内部四个方面提出了相关的政策性建议：随着证券市场的发展，逐渐建立完善上市公司信息披露机制，加快建立信息质量评价标准，同时出台相应的信息质量监管体系，完善相关法律制度。
[Abstract]:Information disclosure is an important bridge and link between listed companies and capital market, it is an important tool to solve the problem of information asymmetry, which affects the effectiveness of capital market and the efficiency of social resources allocation. Many companies are either under the supervision of the requirements or under the pressure of outside public opinion passive disclosure of information some companies based on the issue of stocks and performance evaluation and other purposes of disclosure of false information. However, it is not from the consideration of its own strategy and other aspects of effective information disclosure, resulting in a large number of non-standard information disclosure phenomenon, the effect of information disclosure has been affected. In turn, it will affect the power of disclosure of information, which seriously hinders the healthy development of the capital market in China. Improving the quality of information disclosure plays a more and more important role in the healthy development of capital market. At the same time, the cost of equity financing is also an important part of financing management. The impact of the quality of information disclosure on the cost of capital is a basic problem in the field of accounting, and it is also an important issue in the field of economy and finance. Many empirical studies have proved that there is a significant relationship between the quality of information disclosure and the cost of equity financing. This paper studies the impact of information disclosure of high-tech listed companies on the cost of equity financing from both theoretical and empirical aspects. On the basis of selecting and testing samples, this paper uses descriptive statistics and correlation analysis. The multivariate regression analysis shows that: the improvement of information disclosure quality of high-tech listed companies is conducive to reduce the cost of equity financing; At the same time, due to the delay of information transmission, the stock financing cost of high-tech listed companies is affected not only by the quality of information disclosure in this year, but also by the quality of information disclosure in the previous year. And the impact of the previous year is greater; Then, in different markets to verify, found that in the main board market, the impact of information disclosure quality on equity financing costs is greater; Finally, according to the empirical results, combined with the actual situation of high-tech listed companies from government departments, intermediaries, institutions and individual investors. Four aspects of the company put forward the relevant policy recommendations: with the development of the securities market, gradually establish and improve the information disclosure mechanism of listed companies, and accelerate the establishment of information quality evaluation standards. At the same time, the introduction of the corresponding information quality supervision system, improve the relevant legal system.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275.3;F832.51;F224

【参考文献】