分析师跟踪行为、信息披露质量与上市公司权益资本成本

发布时间：2018-10-20 17:37

【摘要】：一直以来,信息和资本共同构成了资本市场中的两大最基本的要素,市场中的投资者越来越看重上市公司的信息披露水平,而信息披露水平的高低又影响着资本市场中有关各方的利益关系。因此,无论是投资者还是公司自身,或是监管层都认为信息披露质量的高低对权益资本成本的大小有着非常重要的意义,越来越重视二者之间的关系。目前已有很多学者从两个主要方面对此进行研究:一个是从风险角度来研究;另一个是从流动性角度来研究。同时,公司对外披露信息质量的提高,离不开证券分析师。尤其是卖方分析师,他们利用自己的专业知识对公司进行专业的分析和解读,并且最终以报告的形式将公司信息源源不断的对外输出,传递给资本市场中的投资者,为资本市场中的投资者在进行投资决策时提供有价值的参考信息。文章同时采用了理论分析方法和实证检验方法。用深交所发布的上市公司考评结果来衡量信息披露质量,研究其对公司权益资本成本的影响。在此基础上加入了分析师跟踪行为这一新变量。研究权益资本成本在分析师跟踪行为和信息披露质量这两个变量的综合影响下会产生怎样的结果。本文的研究内容共分七个章节。首先,本文对相关的文献进行了梳理与回顾,将此作为文章内容的理论支撑,大量的文献研究已对信息披露质量和权益资本成本的关系进行了研究,本文中引入了分析师跟踪变量,通过观察跟踪上市公司的分析师人数来判断加入了分析师跟踪行为变量之后,上市公司信息披露质量的变化以及由此进一步引发的上市公司权益资本成本的变化。其次,基于有效市场理论、信息不对称理论等理论知识的分析,对分析师跟踪行为、信息披露质量、权益资本成本三者之间的关系提出相关假设。再次,经过样本和变量的选取,建立回归模型,进行多元回归分析并对回归结果进行进一步的检验,从而加强了本文的研究结论。最后,本文的研究结论表明,分析师跟踪行为与公司的权益资本成本之间呈现负相关,且信息披露质量在分析师跟踪行为和权益资本成本之间起到中介作用,在本文的最后章节中根据前面所述的结论提出相关的政策建议。
[Abstract]:All along, information and capital constitute the two most basic elements in the capital market. Investors in the market are paying more and more attention to the level of information disclosure of listed companies. The level of information disclosure affects the interests of all parties in the capital market. Therefore, both investors and companies themselves, as well as regulators, think that the quality of information disclosure is of great significance to the cost of equity capital, and more attention is paid to the relationship between the two. At present, many scholars have studied this from two main aspects: one is from the perspective of risk, the other is from the perspective of liquidity. At the same time, the quality of the company's external disclosure information can not be separated from the securities analysts. In particular, seller analysts, who use their expertise to conduct professional analysis and interpretation of the company, and ultimately in the form of a report of the company's continuous export of information to the investors in the capital market, Provides valuable reference information for investors in capital markets when making investment decisions. At the same time, the paper adopts theoretical analysis method and empirical test method. The evaluation results of listed companies published by Shenzhen Stock Exchange are used to measure the quality of information disclosure and to study its impact on the cost of equity capital. On this basis, the new variable of analyst tracking behavior is added. This paper studies how the cost of equity capital will produce under the combined influence of the two variables of the analysts' tracking behavior and the quality of information disclosure. The research content of this paper is divided into seven chapters. First of all, this paper reviews and reviews the relevant literature, which is regarded as the theoretical support of the article. A large number of literature studies have studied the relationship between the quality of information disclosure and the cost of equity capital. In this paper, the analyst tracking variable is introduced, and the number of analysts tracking the listed company is observed to determine the inclusion of the analyst tracking behavior variable. The change of information disclosure quality of listed company and the change of equity capital cost of listed company. Secondly, based on the analysis of efficient market theory and information asymmetry theory, this paper puts forward some hypotheses about the relationship among the behavior of analyst tracking, the quality of information disclosure and the cost of equity capital. Thirdly, through the selection of samples and variables, the regression model is established, the multivariate regression analysis is carried out and the result of regression is tested further, which strengthens the conclusion of this paper. Finally, the conclusion of this paper shows that there is a negative correlation between the behavior of analyst tracking and the cost of equity capital, and the quality of information disclosure plays an intermediary role between the tracking behavior of analysts and the cost of equity capital. In the last chapter of this paper, the relevant policy recommendations are put forward based on the above conclusions.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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