机构持股、信息披露质量与股权融资成本

发布时间：2018-03-24 01:25

本文选题：信息披露质量　切入点：股权融资成本　出处：《中国注册会计师》2017年10期

【摘要】：本文选取2012-2016年深市主板A股上市公司为样本,以深交所信息披露考评结果作为信息披露质量的替代变量,以PEG模型计量股权融资成本,引入赫芬达尔指数衡量机构投资者竞争度,实证检验了机构持股、信息披露与股权融资成本三者间的关系。研究发现:提高信息披露质量有助于改善上市公司融资效率;无论规模还是结构,我国机构投资者的发展水平都远落后于西方发达资本市场,机构投资者之间的竞争度比较低,对信息披露和股权融资成本的关系影响不明显。根据实证研究结果,本文从如何提高上市公司信息披露质量以及如何推动我国机构投资者发展两方面提出政策建议。
[Abstract]:In this paper, Shenzhen main Board A-share listed companies from 2012-2016 are selected as samples, the results of information disclosure and evaluation of Shenzhen Stock Exchange are taken as the substitute variables of information disclosure quality, and the cost of equity financing is measured by PEG model. This paper introduces Herfindale Index to measure the degree of institutional investor competition, and empirically tests the relationship among institutional shareholding, information disclosure and equity financing cost. It is found that improving the quality of information disclosure helps to improve the financing efficiency of listed companies. Regardless of the scale or structure, the level of development of institutional investors in China is far behind that of the developed capital markets in the West, and the degree of competition among institutional investors is relatively low. The relationship between information disclosure and equity financing cost is not obvious. According to the results of empirical research, this paper puts forward policy recommendations from two aspects: how to improve the quality of information disclosure of listed companies and how to promote the development of institutional investors in China.
【作者单位】：上海开放大学奉贤分校;
【基金】：国家社会科学一般项目“南疆旅游资源评价”,项目编号:12BJL084
【分类号】：F275;F832.51

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