股份支付与会计信息质量、公司价值相关性研究

发布时间：2018-01-30 12:06

本文关键词： 股份支付会计信息质量公司价值高管持股比例　出处：《浙江财经学院》2013年硕士论文　论文类型：学位论文

【摘要】：本世纪以来，掀起一股股份支付制度的全球化浪潮，尤其是各个发达国家视股份支付为改善投资环境、夯实经济基础、激励员工的有效公司治理手段。根据信息不对称理论和信号传递理论，公司经营人员比股东拥有较多内部信息，为防止内部人员在追求自身利益最大化情况下，操纵信息内容和虚报信息时机影响会计信息质量，，给予高级管理者一定份额的股份预防道德风险发生从而提高会计信息质量。股份支付制度不仅对公司的会计信息质量产生一定的影响，而且也对提高员工工作积极性，提高市场对公司股票的信心和公司价值有着深远的意义。但是在中国股份支付制度起步比较晚，又遭金融危机冲击的情况下使得中国推广股份支付制度的进程缓慢下来，股份支付制度的积极效果没有充分显现出来，因此研究现阶段的股份支付制度并探究上市公司没有积极采取股份支付制度的原因显得非常重要。本文从股份支付与会计信息质量，股份支付与公司价值的相关性入手分析股份支付制度在新阶段上市公司的实际应用效果。本文数据选择政策稳定期2009年度到2010年度深沪两市A股上市公司数据信息，研究股份支付对会计信息质量的影响和股份支付对公司价值的影响。首先本文基于对股份支付的计量确认、会计信息质量的特征、公司价值的表现形式等理论基础的研究，并依据契约不完备理论、委托—代理理论、信息不对称理论、超产权理论等，为实证研究提供充分的理论基础。其次结合理论，通过2009—2010年我国A股上市公司的数据，提出股份支付与会计信息质量、公司价值之间相关的六个假设并进行实证研究得出以下结论：通过股份支付提高高管持股比例对会计信息质量高低没有显著影响；股份支付影响股权结构对会计信息质量产生显著的影响，主要以国有股、法人股、以及流通股的持股比例来影响会计信息质量的高低，国有股与会计信息质量负相关，法人股与会计信息质量正相关，流通股与会计信息质量正相关；关联方交易程度越高的公司采取股份支付越会使会计信息质量降低；通过股份支付影响基本每股收益，且基本每股收益与公司价值负相关；通过股份支付提高高管人员持股比例与公司价值负相关；股份支付影响股票价格对公司价值有负面影响。文章进一步分析了产生以上结论的原因。最后根据所得结论与分析的原因，结合我国当前实际情况提出完善股份支付制度的政策性建议，并指出本文研究的局限性及对未来研究的展望。
[Abstract]:Since the beginning of this century, there has been a wave of globalization of the share payment system, especially in the developed countries, which regard the share payment as an improvement of the investment environment and consolidate the economic base. According to information asymmetry theory and signal transmission theory, company managers have more internal information than shareholders, in order to prevent insiders from pursuing the maximization of their own interests. Manipulation of information content and false information timing affect the quality of accounting information. To give senior managers a certain share of shares to prevent the occurrence of moral hazard and improve the quality of accounting information. The stock payment system not only has a certain impact on the quality of accounting information. And also to improve the enthusiasm of employees, improve the market confidence in the company's stock and company value has a far-reaching significance. But in China, the stock payment system started relatively late. Under the impact of the financial crisis, the process of popularizing the stock payment system in China has slowed down, and the positive effect of the stock payment system has not been fully displayed. Therefore, it is very important to study the stock payment system at this stage and to explore the reasons why the listed company does not actively adopt the stock payment system. This paper deals with the quality of stock payment and accounting information. This paper analyzes the practical application effect of the stock payment system in the new stage of listed companies. This paper data selection policy stable period from 2009 to 2010, Shenzhen and Shanghai A-share listed companies data information. This paper studies the impact of share payment on the quality of accounting information and the impact of share payment on the value of the company. Firstly, this paper based on the measurement of share payment, the characteristics of accounting information quality. Based on the theory of incomplete contract theory, principal-agent theory, information asymmetry theory, the theory of super-property rights and so on. It provides a sufficient theoretical basis for empirical research. Secondly, combined with the theory, through the data of China A-share listed companies from 2009-2010, the paper puts forward the stock payment and accounting information quality. Six hypotheses related to company value and empirical research are carried out to draw the following conclusions: raising the proportion of senior executives' shareholding through share payment has no significant effect on the quality of accounting information; Share payment has a significant impact on the quality of accounting information, mainly by the state-owned shares, corporate shares, and the proportion of shares in circulation to affect the quality of accounting information. There is a negative correlation between state-owned shares and the quality of accounting information, a positive correlation between legal shares and the quality of accounting information, and a positive correlation between circulating shares and the quality of accounting information. The higher the degree of related party transaction, the lower the quality of accounting information; The basic earnings per share is affected by the share payment, and the basic earnings per share is negatively correlated with the value of the company. Increasing the proportion of senior managers' shareholding through share payment is negatively related to the value of the company; The paper further analyzes the reasons for the above conclusion. Finally, according to the conclusions and the reasons of the analysis, combined with the current situation of our country, this paper puts forward some policy suggestions to perfect the stock payment system, and points out the limitations of this study and the prospect of future research.
【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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