基于股权结构下的事务所行业专长与权益资本成本相关性研究

发布时间：2018-06-02 16:41

本文选题：行业专长 + 权益资本成本　；参考：《新疆财经大学》2012年硕士论文

【摘要】：资本市场是一个信息流动和资金流动的市场，信息引导着资本从广大投资者流向渴求资金的上市公司，从而实现资本市场的最基本的融资功能。权益资本成本是普通股股东要求的最低报酬率，它是基于信息特别是会计信息而对未来的一种预期，能更直接测量融资成本，融资成本不仅影响公司投资决策，而且可以反映公司融资能力。审计的需求产生于公司经营权与所有权的分离，委托代理关系带来的信息不对称。审计师通过对以财务报表形式反映的历史信息进行核实，为决策者提高信息质量而提供专业服务。具有行业专长的事务所由于其更强的专业胜任能力，可以使外部人对企业内部人员提供的报表具有较高的信任度，从而能够降低信息不对称程度，降低信息风险或道德风险发生的可能性，使得投资者要求较低的投资报酬率，降低企业的权益资本成本。目前的文献对于权益资本成本的研究，大多集中在公司治理、内部控制以及信息披露等方面，但却少有学者从股权结构的视角，研究事务所行业专长与权益资本成本之间的相关关系。在我国现阶段证券市场中，事务所行业专长能否降低企业权益资本成本，在多大程度上影响权益资本成本？本文选取2009年至2010年间沪深两市A股上市公司共1984家作为研究样本，利用SPSS软件通过多元回归，从实证方面验证两者之间的关系。同时结合企业股权结构，，分析不同企业性质、股权制衡度、以及董事会成员持股情况下，事务所行业专长对权益资本成本影响程度的差异性。研究结果表明，事务所行业专长能够降低企业权益资本成本，且在国有企业、股权制衡度高，不存在单一控股股东、董事会成员不持股的样本组中，其降低企业权益资本成本的作用更加显著。
[Abstract]:The capital market is a market of information flow and capital flow. Information guides the capital flow from the majority of investors to the listed companies seeking for capital, thus realizing the most basic financing function of the capital market. The cost of equity capital is the lowest rate of return required by common shareholders. It is a kind of expectation for the future based on information, especially accounting information, which can measure financing cost more directly. And can reflect the financing ability of the company. The demand of audit comes from the separation of management right and ownership, and the asymmetry of information brought by principal-agent relationship. Auditors provide professional services for decision makers to improve the quality of information by verifying historical information in the form of financial statements. Because of their stronger professional competence, firms with industry expertise can have a higher degree of trust in the statements provided by the internal personnel of the enterprise, thereby reducing the degree of information asymmetry. Reducing the possibility of information risk or moral hazard makes investors require lower return on investment and lower the cost of equity capital. The current research on the cost of equity capital is mostly focused on corporate governance, internal control and information disclosure, but few scholars from the perspective of equity structure. The relationship between the industry expertise and the cost of equity capital. In China's current securities market, can firm industry expertise reduce the cost of equity capital, and to what extent will it affect the cost of equity capital? This paper selects 1984 A-share listed companies in Shanghai and Shenzhen from 2009 to 2010 as the research sample and verifies the relationship between them by using SPSS software through multiple regression. At the same time, combining the ownership structure of the firm, this paper analyzes the differences of the influence of the firm industry expertise on the cost of equity capital under the conditions of different enterprise nature, equity checks and balances, and board members holding shares. The results show that firm industry expertise can reduce the cost of equity capital, and in state-owned enterprises, there is a high degree of equity checks and balances, there is no single controlling shareholder, and the board members do not hold shares in the sample group. The role of reducing the cost of equity capital is more significant.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832.51;F276.6

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