我国上市公司权益资本成本与财务绩效关系的实证研究

发布时间：2018-01-09 23:14

本文关键词：我国上市公司权益资本成本与财务绩效关系的实证研究　出处：《西北农林科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：权益资本成本是企业使用权益资金的成本，，是企业资本成本的重要组成部分。完美资本市场条件下，企业权益资本成本等于股东的期望报酬率，是联系筹资者和投资者的纽带。近年来，国内外学者多从影响因素的角度研究权益资本成本，找出影响权益资本成本的因素。这些因素包括信息披露、公司治理、会计盈余、外部环境和企业特征因素。由于我国资本市场和法律体系并不是十分完善，很少有企业能够完全公布以上影响因素，并且也很难准确衡量上述因素。对于投资者和筹资者而言，上市公司的财务报表是关注的共同焦点，也是最容易得到和应用的信息。本文以上市公司财务报表为基础，以深沪两市A股上市公司为样本，实证研究了影响上市公司权益资本成本的财务因素以及影响程度，为筹资者和投资者找出估计权益资本成本的有效方法，以指导融资和投资决策。研究发现，可以将影响权益资本成本的财务因素分成两类：一是反映企业投资价值的财务因素；二是反映企业风险状况的财务因素。当企业的投资价值较高时，投资者就会对其投入的资金有较高的期望收益率，企业的筹资成本就会增加。而当企业的经营风险和财务风险升高时，投资者为了弥补其面临的风险，就会要求企业对其进行风险补偿，企业的筹资成本同样会升高。实证表明，反映企业风险状况的财务因素对权益资本成本的影响较大。另外，在对不同行业进行分类研究时发现，风险因素在不同行业的回归结果差异不大，但反映行业特征的财务指标的回归结果波动较大。本论文共分为五章：第一章导论。分别介绍了论文的研究背景，研究目的和意义，国内外研究综述，论文的研究思路和研究方法，论文的创新点和不足之处。第二章权益资本成本的理论基础。分别介绍了权益资本成本的基本概念，估计模型的论述及总结,财务绩效的概念及其与权益资本成本之间的作用机理。第三章权益资本成本与财务绩效模型的建立。包括研究假设，权益资本成本的估计，自变量的选择与确定。该部分重点论述了权益资本成本的估计过程，并对不同行业和不同时间段的贝塔系数进行了比较。采用多个标准筛选预选变量，并对最终变量进行了理论论述。第四章多元线性回归模型实证分析与检验。包括样本的选择与数据的来源，权益资本成本的统计描述、全变量的回归分析与检验，删除变量后的回归分析与检验。本章着重论述了回归模型的检验，不同行业回归结果的对比。第五章论文结论与建议。对上一章的回归结果进行了总结，并一本论文结论为出发点，对筹资者和投资者的决策提供了建议。
[Abstract]:The cost of equity capital is the cost of using equity funds and an important part of the cost of capital. Under the perfect capital market conditions, the cost of equity capital is equal to the expected rate of return of shareholders. In recent years, scholars at home and abroad have studied the cost of equity capital from the perspective of influencing factors, and found out the factors that affect the cost of equity capital. These factors include information disclosure. Corporate governance, accounting earnings, external environment and corporate characteristics. Because our capital market and legal system is not very perfect, few enterprises can fully disclose the above factors. And it is difficult to accurately measure these factors. For investors and financiers, the financial statements of listed companies are the common focus of attention, and the most easily available and applied information. This paper is based on the financial statements of listed companies. Taking the A-share listed companies of Shenzhen and Shanghai stock markets as samples, this paper empirically studies the financial factors that affect the cost of equity capital of listed companies and the degree of influence, and finds out the effective method of estimating the cost of equity capital for the financiers and investors. To guide financing and investment decisions. It is found that the financial factors affecting the cost of equity capital can be divided into two categories: one is the financial factor which reflects the investment value of the enterprise; The other is the financial factor which reflects the risk of the enterprise. When the investment value of the enterprise is high, the investor will have a higher expected return on the capital invested. When the enterprise's operating risk and financial risk increase, investors will ask the enterprise to compensate for the risk in order to make up for the risk. The empirical results show that the financial factors which reflect the risk of the enterprise have a greater impact on the cost of equity capital. In addition, it is found in the classification of different industries. The regression results of risk factors in different industries are not different, but the regression results of financial indexes which reflect the characteristics of industries fluctuate greatly. This thesis is divided into five chapters: The first chapter introduces the research background, research purpose and significance, domestic and foreign research review, research ideas and research methods, innovation and shortcomings of the paper. The second chapter introduces the basic concept of the cost of equity capital, the discussion and summary of the estimation model, the concept of financial performance and the mechanism between the cost of equity capital and the cost of equity capital. The third chapter is the establishment of equity capital cost and financial performance model, including research assumptions, equity capital cost estimation, the choice and determination of independent variables. This part focuses on the process of equity capital cost estimation. The Beta coefficients of different industries and different time periods are compared, and the final variables are discussed theoretically by using multiple criteria to screen the pre-selected variables. Chapter 4th: empirical analysis and test of multivariate linear regression model, including sample selection and data source, statistical description of equity capital cost, regression analysis and test of all variables. This chapter mainly discusses the test of regression model and the comparison of regression results in different industries. This paper summarizes the regression results of the previous chapter and a conclusion of this paper as a starting point to provide suggestions for the decision of the financiers and investors.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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