创业板上市公司信息披露质量与股权融资成本研究

发布时间：2018-03-08 04:31

本文选题：创业板上市公司　切入点：信息披露质量　出处：《南京财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：在我国经济快速增长和证券市场不断完善的大背景下,上市公司的信息披露越发凸显其重要性,作为连结资本市场和上市公司的重要纽带和桥梁,上市公司的信息披露成为缓解逆向选择、道德风险和信息不对称问题的重要工具,影响着资本市场的效率以及社会资源的配置。因此,提高上市公司信息披露质量对我国资本市场的健康发展至关重要,信息披露理论研究也日益成为现代公司财务理论研究的热点,而信息披露与股权融资成本的关系更是其中核心的问题。国内外学者的诸多研究也证明了信息披露质量与股权融资成本之间存在着显著关系。本文在前人已有的研究基础上,探究我国创业板上市公司的信息披露质量与其股权融资成本的关系,希望通过对此进行的研究,探索降低创业板上市公司的股权融资成本的方法。本文首先回顾和总结了国内外对信息披露质量与股权融资成本的相关研究文献,然后对上市公司信息披露质量和股权融资成本的概念进行阐述并分析了对二者进行量化的方法和模型的优劣,结合现代财务理论挖掘二者的作用机制,在此基础上运用实证研究方法从直接和间接两个角度探究二者之间的影响关系。经过实证分析,得出以下结论：第一,直接研究的视角下,创业板上市公司的信息披露质量的提高有利于降低股权融资成本；第二,间接角度的视角下,创业板上市公司信息披露质量与股票换手率变量呈现出显著的正相关关系,结合股票换手率较高的公司股权融资成本较低的结论,间接说明提高创业板上市公司信息披露质量可以降低其股权融资成本。本文的主要贡献在于以2010-2012年深圳证券交易所创业板板上市公司的数据为研究样本,从直接和间接两个视角下探究提高创业板上市公司信息披露质量对于降低股权融资成本的作用。针对实证结果,结合我国创业板上市公司实际情况,从四个方面提出了相关的政策性建议。
[Abstract]:Under the background of the rapid economic growth and the continuous improvement of the securities market, the information disclosure of the listed companies has become more and more important, as an important link and bridge between the capital market and the listed companies. Information disclosure of listed companies has become an important tool to alleviate adverse selection, moral hazard and information asymmetry, which affects the efficiency of capital market and the allocation of social resources. To improve the quality of information disclosure of listed companies is very important to the healthy development of capital market in China. The relationship between information disclosure and the cost of equity financing is the core of the problem. Many domestic and foreign scholars have also proved that there is a significant relationship between the quality of information disclosure and the cost of equity financing. This paper explores the relationship between the quality of information disclosure and the cost of equity financing of listed companies in the gem. This paper first reviews and summarizes the research literature on the quality of information disclosure and the cost of equity financing at home and abroad. Then, the concepts of information disclosure quality and equity financing cost of listed companies are expounded, and the advantages and disadvantages of the methods and models of quantification are analyzed, and the mechanism of the two is excavated in combination with modern financial theory. On the basis of this, we use the empirical research method to explore the influence relationship between the two from the direct and indirect angles. Through the empirical analysis, we draw the following conclusions: first, from the perspective of direct research, The improvement of information disclosure quality of gem companies is helpful to reduce the cost of equity financing. Secondly, from the perspective of indirect perspective, the quality of information disclosure and stock turnover rate variables of gem listed companies show a significant positive correlation. Combining with the conclusion that the share financing cost of the company with higher stock turnover rate is lower, The main contribution of this paper is to take the data of the gem listed companies from 2010 to 2012 as the research sample. From both direct and indirect perspectives, this paper explores the effect of improving the quality of information disclosure of gem listed companies on reducing the cost of equity financing. According to the empirical results, combined with the actual situation of gem listed companies in China, Put forward the relevant policy suggestions from four aspects.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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