上市公司盈余质量与投融资效率的关系研究

发布时间：2018-01-10 03:26

本文关键词：上市公司盈余质量与投融资效率的关系研究　出处：《陕西科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：盈余作为企业经营的阶段结余，对企业的持续经营和后期发展有重大影响。更多的创造和准确的披露盈余信息对企业自身及其他投资者有积极的作用。现阶段，证券市场作为上市公司筹资的重要场所，对上市公司信息披露的要求较多，其中就包括盈余信息的披露，盈余信息披露的好坏在一定程度上对公司治理的各个方面产生不同的影响，特别是对投资和融资活动。在市场经济下，无论投资方还是筹资方，信息对它们是至关重要的。作为投资方，对被投资项目或单位情况信息的掌握往往成为投资成败的关键；作为筹资方，吸收更多的社会闲散资金并合理利用，为企业发展奠定基础成为融资目的的核心。在这些信息中，盈余信息作为重要的部分，受到各方信息使用者的关注。这主要在于盈余信息对投资方和筹资方的“预报”作用。近年来，上市公司盈余质量不高，造假现象严重，由于信息不对称造成的非效率投资和融资效率低下的现象普遍，在金融危机作用下，这种现象有进一步加剧的趋势。基于此，，本文研究上市公司盈余质量分别与投资效率和融资效率的相关关系。本文在前人研究的基础之上，首先，对盈余质量与投融资效率从理论角度进行描述，分别分析盈余质量与投资效率和融资效率之间的作用机制。其次，对比我国上市公司与国外上市公司盈余质量、投资效率和融资效率的现状，并对差异进行简要分析。再次，以2009—2012年沪深A股上市公司为样本，通过采用描述性统计分析、相关性分析和多元线性回归分析等实证方法，探讨盈余质量与投融资效率的关系。最后，通过增加补充控制变量对本文的假设进行稳健性检验。研究发现:一是盈余质量的提高可以减少投资不足，进而提高投资效率；二是盈余质量的提高可以减少投资过度，从而提高投资效率；三是盈余质量越高，融资效率越高，两者呈正向关系。另外还发现：国有企业的所有制结构会在一定程度上削弱盈余质量与融资效率的正相关关系。鉴于此，本文建议上市公司应从提高自身的盈余质量做起，并从政府职能部门、资本市场有效性和外部投资者的角度提出了提高盈余质量进而提高投融资效率的若干建议，并相应提出了对未来上市公司盈余质量和投融资效率发展的展望。期望本文的研究过程及成果能为我国上市公司在协调盈余质量与投融资效率关系的问题上增加实证指导和数据支持，同时也为政府监管部门加强我国上市公司的盈余质量监督、提高投融资效率和资本市场健康有序发展提出建议。
[Abstract]:Earnings, as the stage balance of business operation, have a significant impact on the continuing operation and later development of enterprises. More creation and accurate disclosure of earnings information has a positive effect on the enterprises themselves and other investors at this stage. As an important place for listed companies to raise funds, the securities market requires more information disclosure of listed companies, including the disclosure of earnings information. To a certain extent, earnings information disclosure has different effects on all aspects of corporate governance, especially on investment and financing activities. In the market economy, whether the investor or the financing side, information is very important to them. As an investor, the master of the information of the invested project or unit is often the key to the success or failure of the investment. As the financing side, we can absorb more social idle funds and make rational use of them, so as to lay the foundation for the development of enterprises and become the core of the financing purpose. In these information, the surplus information is an important part. This is mainly due to the "forecast" effect of surplus information on investors and financiers. In recent years, the earnings quality of listed companies is not high, the phenomenon of fraud is serious, the phenomenon of inefficient investment and financing inefficiency caused by asymmetric information is common, under the influence of the financial crisis. Based on this, this paper studies the relationship between earnings quality and investment efficiency and financing efficiency of listed companies. On the basis of previous studies, this paper first describes the earnings quality and investment and financing efficiency from a theoretical point of view, respectively analysis of earnings quality and investment efficiency and financing efficiency between the action mechanism. Secondly. Compare the current situation of earnings quality, investment efficiency and financing efficiency between Chinese listed companies and foreign listed companies, and make a brief analysis of the differences. Thirdly, take Shanghai and Shenzhen A-share listed companies as samples from 2009-2012. Through the use of descriptive statistical analysis, correlation analysis and multiple linear regression analysis and other empirical methods to explore the relationship between earnings quality and investment and financing efficiency. Finally. By adding supplementary control variables to test the robustness of the hypothesis in this paper, it is found that: first, the improvement of earnings quality can reduce the insufficient investment, and then improve the investment efficiency; Second, the improvement of earnings quality can reduce excessive investment, thus improving investment efficiency; Third, the higher the earnings quality, the higher the financing efficiency, and the positive relationship between them. In addition, it is found that the ownership structure of state-owned enterprises will weaken the positive correlation between earnings quality and financing efficiency to some extent. In view of this, this paper suggests that listed companies should start from improving their earnings quality, and from the government functional departments. From the perspective of the efficiency of capital market and external investors, this paper puts forward some suggestions on how to improve the quality of earnings and improve the efficiency of investment and financing. It also puts forward the prospect of the development of earnings quality and investment and financing efficiency of listed companies in the future. It is expected that the research process and results of this paper can increase the coordination of the relationship between earnings quality and investment and financing efficiency of listed companies in China. Empirical guidance and data support. At the same time, some suggestions are put forward to strengthen the supervision of earnings quality of listed companies, improve the efficiency of investment and financing and the healthy and orderly development of capital market.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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