中小上市公司信息披露质量与股权融资成本关系研究

发布时间：2018-11-03 09:54

【摘要】：中小企业对促进经济增长、社会进步和科技发展发挥了重要作用，但中小企的融资难问题却日益严重，，国内外学者对这一问题进行了大量研究。本文在前人的研究基础上，主要研究中小上市公司股权融资成本与其信息披露质量的关系，希望通过相关研究，探索降低中小企业股权融资成本的方法。随着我国经济的快速增长和证券市场的不断完善，信息披露的地位越来越重要。信息披露有助于缓解逆向选择和道德风险问题，有利于促进资源的有效配置。本文首先对信息披露的相关概念进行阐述；从信息不对称理论、有效市场理论、代理理论三个方面对信息披露质量与股权融资成本的关系进行理论剖析；指出信息披露主要通过缓解企业和投资者之间的信息不对称程度、降低投资者预测风险、提高股票流动性这三个角度来降低企业股权融资成本。我国学者的相关研究主要集中于直接考察信息披露质量对股权融资成本的影响，缺乏从间接角度的研究。本文以深圳证券交易所中小板上市的552家中小上市公司2008-2010年的数据为研究样本，从直接和间接两个角度研究信息披露质量与股权融资成本的关系。从直接角度进行研究的结果显示，采用经济增长模型计算的股权融资成本未能通过可靠性检验，出现了风险越小股权融资成本越大的悖论。中间值是经济增长模型成功的关键因素，且计算较为复杂，本文采用的中间值系借鉴国外的研究结果，该值可能与我国资本市场实际情况不符。在间接角度的研究中，以贝塔系数、收益标准差、换手率作为反映股票风险的三个变量，信息披露质量与这三个风险变量呈现出显著的负相关关系。首先，本文依据信息披露评级结果将样本分成四组，比较各组的股票风险水平，定性的揭示出高信息披露水平对应着高股票流动性和低风险水平。其次,进行多元回归分析之后，发现信息披露质量每提高一个级别，反映股票风险的三个变量均有明显下降，间接说明提高信息披露质量可以降低股权融资成本。本文还发现中小企业同样表现出规模效应，信息披露质量的提高对股票风险的影响具有行业差异。根据实证研究结果，结合我国资本市场实际情况，本文从中小上市公司、投资者和监管机构的角度提出相关的政策建议。
[Abstract]:Small and medium-sized enterprises (SMEs) play an important role in promoting economic growth, social progress and scientific and technological development, but the financing difficulties of SMEs are becoming more and more serious. Scholars at home and abroad have done a lot of research on this problem. On the basis of previous studies, this paper mainly studies the relationship between the cost of equity financing and the quality of information disclosure of small and medium-sized listed companies, hoping to explore ways to reduce the cost of equity financing of small and medium-sized enterprises through relevant research. With the rapid economic growth and the continuous improvement of the securities market, the status of information disclosure is becoming more and more important. Information disclosure is helpful to alleviate adverse selection and moral hazard, and to promote the effective allocation of resources. Firstly, this paper expounds the related concepts of information disclosure, analyzes the relationship between the quality of information disclosure and the cost of equity financing from three aspects: information asymmetry theory, efficient market theory and agency theory. It is pointed out that information disclosure can reduce the cost of equity financing by reducing the degree of information asymmetry between enterprises and investors, reducing investors' forecast risk and improving stock liquidity. The related studies of Chinese scholars mainly focus on the direct investigation of the impact of information disclosure quality on equity financing costs, and lack of indirect research. Based on the data of 552 small listed companies listed on Shenzhen Stock Exchange from 2008 to 2010, this paper studies the relationship between the quality of information disclosure and the cost of equity financing from both direct and indirect perspectives. The results from the direct point of view show that the cost of equity financing calculated by the economic growth model fails to pass the reliability test, resulting in the paradox that the smaller the risk is, the greater the cost of equity financing is. The intermediate value is the key factor for the success of the economic growth model, and the calculation is more complicated. The intermediate value used in this paper is based on the research results of foreign countries, and it may not be in accordance with the actual situation of China's capital market. In the indirect study, Beta coefficient, return standard deviation and turnover rate are taken as the three variables to reflect the stock risk, and the quality of information disclosure has a significant negative correlation with these three risk variables. Firstly, this paper divides the samples into four groups according to the results of information disclosure rating, compares the stock risk levels in each group, and qualitatively reveals that the high information disclosure level corresponds to the high stock liquidity and the low risk level. Secondly, after multivariate regression analysis, it is found that the three variables reflecting the stock risk are obviously decreased with each improvement in the quality of information disclosure, which indirectly indicates that improving the quality of information disclosure can reduce the cost of equity financing. The paper also finds that the small and medium-sized enterprises also show the scale effect, and the improvement of the information disclosure quality has different influence on the stock risk. According to the results of empirical research and the actual situation of China's capital market, this paper puts forward relevant policy recommendations from the perspective of small and medium-sized listed companies, investors and regulators.
【学位授予单位】：湖北工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51

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