内部控制、会计信息质量与权益资本成本

发布时间：2018-01-24 18:11

本文关键词： 内部控制会计信息质量权益资本成本　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：作为经济人的企业,在资本市场上筹集资金是企业发展的常态,进而为企业注入发展的活力和源泉。企业资金筹集的源泉囊括债务资本和权益资本,而本文主要针对企业的权益资本成本展开来的。从微观角度看,权益资本成本关系到企业的投融资能力,从宏观角度看,权益资本成本反映了资本市场的融资效率,过高的权益资本成本会使资金使用者望而却步,导致资本市场规模的萎缩和融资功能的退化。本文重点探讨内部控制质量的提高能否加强会计信息质量对于权益资本成本的影响,以期减少企业的权益资本成本,优化企业的资源配置,完善资本市场的运作。本文以我国A股上市公司2011-2015年数据为研究样本,采用理论分析和实证相结合的方法进行研究。本文共分为六个部分,第一部分为绪论,阐述了文章的选题的背景和意义,研究的思路及内容框架;第二部分对相关的文献进行了回顾和研究;第三部分为本文的理论基础,详细阐述了委托代理理论、信息不对称理论、信号传递理论和交易成本理论等理论基础;第四部分提出了本文的研究假设,进行样本的选取和变量定义,构建了假设的模型;第五部分对实证研究结果进行分析,进行了描述性统计分析、相关性分析、回归分析、稳健性检验,研究的结果表明:(1)内部控制质量与权益资本成本呈负相关关系;(2)会计信息质量与权益资本成本呈负相关关系;(3)内部控制质量的提高能加强会计信息质量对于权益资本成本的影响;第六部分为本文的研究结论,对实证研究结果进行归纳总结,提出相关建议,指出研究的局限及对未来的展望。
[Abstract]:As an economic person, raising funds in the capital market is the normal state of enterprise development, and then injects the vitality and source of development into the enterprise. The source of enterprise financing includes debt capital and equity capital. From the micro point of view, the cost of equity capital is related to the investment and financing ability of the enterprise, and from the macro point of view. The cost of equity capital reflects the financing efficiency of the capital market, and the excessive cost of equity capital will deter the capital users. This paper focuses on whether the improvement of internal control quality can strengthen the impact of accounting information quality on the cost of equity capital. In order to reduce the cost of equity capital, optimize the allocation of resources, improve the operation of the capital market. This paper is divided into six parts: the first part is the introduction, which explains the background and significance of the topic, the thought of the research and the framework of the content. The second part reviews and studies the relevant literature. The third part is the theoretical basis of this paper, including principal-agent theory, information asymmetry theory, signal transmission theory and transaction cost theory. Part 4th puts forward the research hypothesis of this paper, carries on the sample selection and the variable definition, constructs the hypothetical model; Part 5th analyzes the results of empirical research, including descriptive statistical analysis, correlation analysis, regression analysis and robustness test. The results show that the quality of internal control is negatively related to the cost of equity capital. (2) the quality of accounting information is negatively related to the cost of equity capital; 3) the improvement of internal control quality can strengthen the influence of accounting information quality on the cost of equity capital; Part 6th is the conclusion of this paper. It summarizes the results of empirical research, puts forward relevant suggestions, points out the limitations of the research and prospects for the future.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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