会计稳健性对上市公司股权融资成本影响的研究

发布时间：2018-05-21 09:56

本文选题：会计稳健性 + 股权融资成本　；参考：《西安理工大学》2017年硕士论文

【摘要】：会计信息质量一直是会计界关注的焦点,企业的外部投资者对企业信息的风险程度越来越重视,投资者会要求企业信息更加真实、透明和公开化,从而掀起了人们对会计稳健性新一轮的重视。就目前国内的发展形势而言,股权融资是企业筹集资金的主要途径,股权融资成本成为财务管理领域的重要概念之一。股权融资成本的高低,会受到企业多方面的影响。企业的会计信息质量也是影响股权融资成本的重要因素。因此会计稳健性会对股权融资成本产生怎样的影响,以及具体是通过哪些因素对其产生影响,即本文的主要研究内容就是探究二者之间的关系及二者间的路径。本文首先对相关领域的理论及文献综述的相关内容进行理论分析。然后提出以股票流动性、公司价值和公司治理作为会计稳健性和股权融资成本的中间介质,通过建立VAR模型,进行Granger因果检验、脉冲响应函数和方差分解,检验会计稳健性是否能够通过股票流动性、公司价值和公司治理对股权融资成本产生传导作用并且对会计稳健性和股权融资成本二者间关系进行分析。以在沪深两市进行交易的A股作为研究对象,选取2006年1月-2016年9月作为样本区间,采用季度数据,经过数据的整理和筛选总共选择了1165家样本公司作为研究样本,进行实证检验。经实证检验发现,我国上市公司的会计信息稳健性普遍存在,并且成为我国上市企业财务报告不可或缺的特征之一。股票流动性在会计稳健性与股权融资成本的关系中具有中介效应,会计稳健性正向影响“股票流动性”进而降低股权融资成本。公司价值在会计稳健性与股权融资成本的关系中具有中介效应,会计稳健性正向影响“公司价值,,进而降低股权融资成本。会计稳健性与公司治理的因果关系倒置,且公司治理与股权融资成本不存在因果关系。最后进行了基于房地产行业的检验。选择2016年我国房地产行业上市公司的数据作为检验样本,运用横向对比的方法对会计稳健性水平和股权融资成本间呈负相关这一结论进行验证。
[Abstract]:The quality of accounting information has always been the focus of attention in the accounting field. External investors of enterprises pay more and more attention to the degree of risk of enterprise information. Investors will demand that the information of enterprises be more true, transparent and open. Thus set off a new round of attention to accounting conservatism. As far as the current domestic development situation is concerned, equity financing is the main way for enterprises to raise funds, and the cost of equity financing has become one of the most important concepts in the field of financial management. The cost of equity financing will be affected by many aspects of the enterprise. The quality of accounting information is also an important factor affecting the cost of equity financing. So how does accounting conservatism affect the cost of equity financing, and through which factors, the main research content of this paper is to explore the relationship between the two and the path between them. In this paper, the theory of related fields and literature review of the relevant content of theoretical analysis. Then, taking stock liquidity, corporate value and corporate governance as the intermediate medium of accounting conservatism and equity financing cost, through establishing VAR model, Granger causality test, impulse response function and variance decomposition are proposed. This paper examines whether accounting conservatism can conduct equity financing costs through stock liquidity, corporate value and corporate governance, and analyzes the relationship between accounting conservatism and equity financing costs. Taking A shares traded in Shanghai and Shenzhen stock markets as the research object, this paper selects 1165 sample companies as the research samples from January 2006 to September 2016, using quarterly data. Carry on the empirical test. It is found that the accounting information conservatism of listed companies in our country is universal and has become one of the indispensable characteristics of financial reports of listed companies in our country. Stock liquidity plays an intermediary role in the relationship between accounting conservatism and the cost of equity financing. Accounting conservatism positively affects "stock liquidity" and then reduces the cost of equity financing. Corporate value plays an intermediary role in the relationship between accounting conservatism and the cost of equity financing. Accounting conservatism has a positive effect on the value of the company, thus reducing the cost of equity financing. The causal relationship between accounting conservatism and corporate governance is reversed, and there is no causal relationship between corporate governance and equity financing costs. Finally, the test based on the real estate industry is carried out. The data of listed companies in China's real estate industry in 2016 are selected as test samples, and the conclusion that there is a negative correlation between accounting conservatism and equity financing costs is verified by the method of horizontal comparison.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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