会计师事务所声誉、企业信息披露质量与权益资本成本关系研究
发布时间：2018-10-24 08:32
【摘要】：资本市场的健康发展在很大程度上依赖于企业信息披露能否做到及时、准确、客观。近年来人们开始关注提高信息披露质量对企业权益资本成本的影响,同时声誉好的会计师事务所对企业信息披露的监督作用越来越受到重视,因此本文从外部治理因素的角度出发,研究会计师事务所声誉与企业信息披露质量和权益资本成本的关系。本文选取深交所A股主板,剔除ST与金融类企业后的448家上市公司,运用2013年的横截面数据进行实证分析。研究结果表明：出具审计报告的会计师事务所声誉和企业信息披露质量正相关；企业信息披露质量与权益资本成本负相关；会计师事务所声誉并不能直接作用于权益资本成本,信息披露质量在其中起着调节作用。另外,出具审计报告的会计师事务所声誉较好时,企业信息披露质量和权益资本成本相关性更显著。因此本文建议通过提高我国会计师事务所的整体声誉水平,提高企业信息披露质量来降低企业资本成本,提高企业效率和业绩。本文主要意义在于对会计师事务所声誉和信息披露质量的关系进行实证检验,充实了现有研究。同时,将会计师事务所声誉、信息披露质量和权益资本成本归纳到一个模型之中,丰富现有的研究方法。现实方面,为发挥会计师事务所外部监管作用,提高企业信息披露质量以降低资本成本提供理论支持和政策建议。
[Abstract]:The healthy development of capital market depends on whether the enterprise information disclosure can be timely, accurate and objective. In recent years, people have begun to pay attention to the influence of improving the quality of information disclosure on the cost of equity capital of enterprises, and at the same time, more and more attention has been paid to the supervisory role of reputable accounting firms on enterprise information disclosure. Therefore, from the perspective of external governance factors, this paper studies the relationship between the reputation of accounting firms and the quality of information disclosure and the cost of equity capital. This paper selects A shares motherboard of Shenzhen Stock Exchange and 448 listed companies after excluding ST and financial enterprises, and makes an empirical analysis by using cross-section data of 2013. The results show that the reputation of the accounting firm issuing audit report is positively related to the quality of enterprise information disclosure, the quality of enterprise information disclosure is negatively related to the cost of equity capital, and the reputation of accounting firm can not directly affect the cost of equity capital. The quality of information disclosure plays a regulating role in it. In addition, when the audit firm has a good reputation, the quality of enterprise information disclosure and the cost of equity capital are more significant. Therefore, this paper proposes to improve the overall reputation of accounting firms in China, improve the quality of enterprise information disclosure to reduce the cost of capital, improve the efficiency and performance of enterprises. The main significance of this paper is to test the relationship between reputation of accounting firms and the quality of information disclosure, which enriches the existing research. At the same time, the reputation of accounting firms, the quality of information disclosure and the cost of equity capital are summed up into a model to enrich the existing research methods. In reality, it provides theoretical support and policy suggestions for bringing into play the role of external supervision of accounting firms and improving the quality of information disclosure in order to reduce the cost of capital.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233
[Abstract]:The healthy development of capital market depends on whether the enterprise information disclosure can be timely, accurate and objective. In recent years, people have begun to pay attention to the influence of improving the quality of information disclosure on the cost of equity capital of enterprises, and at the same time, more and more attention has been paid to the supervisory role of reputable accounting firms on enterprise information disclosure. Therefore, from the perspective of external governance factors, this paper studies the relationship between the reputation of accounting firms and the quality of information disclosure and the cost of equity capital. This paper selects A shares motherboard of Shenzhen Stock Exchange and 448 listed companies after excluding ST and financial enterprises, and makes an empirical analysis by using cross-section data of 2013. The results show that the reputation of the accounting firm issuing audit report is positively related to the quality of enterprise information disclosure, the quality of enterprise information disclosure is negatively related to the cost of equity capital, and the reputation of accounting firm can not directly affect the cost of equity capital. The quality of information disclosure plays a regulating role in it. In addition, when the audit firm has a good reputation, the quality of enterprise information disclosure and the cost of equity capital are more significant. Therefore, this paper proposes to improve the overall reputation of accounting firms in China, improve the quality of enterprise information disclosure to reduce the cost of capital, improve the efficiency and performance of enterprises. The main significance of this paper is to test the relationship between reputation of accounting firms and the quality of information disclosure, which enriches the existing research. At the same time, the reputation of accounting firms, the quality of information disclosure and the cost of equity capital are summed up into a model to enrich the existing research methods. In reality, it provides theoretical support and policy suggestions for bringing into play the role of external supervision of accounting firms and improving the quality of information disclosure in order to reduce the cost of capital.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233
【参考文献】
相关期刊论文 前2条
1 刘峰;陈杰平;苏锡嘉;单U喢，
本文编号：2290873
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