中国上市公司信息披露质量与股权资本成本敏感度的实证分析

发布时间：2018-01-12 05:15

本文关键词：中国上市公司信息披露质量与股权资本成本敏感度的实证分析　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文研究了2010-2012年在深证证券交易所上市的除金融行业以外的A股企业,借鉴OJ模型,对中国上市公司的内涵股权资本成本进行估算,并对上市公司的信息披露质量与股权资本成本之间的关系进行测度。旨在检验于美国等发达资本市场上所存在的信息披露质量与股权资本成本负相关的关系在中国新兴市场上是否存在,以及源自企业自身产权性质、股权集中度及市场关注度对信息披露质量和股权资本成本两者关系的影响。本文的实证结果发现,在中国市场中上市公司信息披露质量与股权资本成本之间的负相关关系是非常显著的,尤其以主板企业的负相关程度最高,除去中小板、创业板企业自身特殊性之外,还涉及投资者对信息披露质量的接收、认可,并用以进行投资决策的前提条件。此外,非国有企业虽然承受的平均股权资本成本更高,但提高信息披露质量,市场敏感度较高,对股权资本成本中风险溢价部分降低的效果更为明显；同样的,股权集中度较低、市场关注度较低的上市公司也具有较高的关于信息披露质量的敏感度。研究结论有助于增加企业提升信息披露质量的动机,促进市场有效发展；同时有助于不同上市板块、不同背景的公司选择最恰当的信息披露程度,最大化股权利益。
[Abstract]:This paper studies the A-share companies listed on Shenzhen Stock Exchange from 2010-2012, except the financial industry. Using OJ model for reference, this paper estimates the connotation equity capital cost of Chinese listed companies. The purpose of this paper is to test the negative correlation between the quality of information disclosure and the cost of equity capital in the developed capital markets such as the United States. Whether there are emerging markets in China. And from the nature of enterprise property rights, equity concentration and market concern on the quality of information disclosure and the impact of the relationship between the cost of equity capital. The empirical results of this paper found. In the Chinese market, the negative correlation between the quality of information disclosure and the cost of equity capital is very significant, especially in the main board enterprises with the highest negative correlation, excluding the small and medium-sized board. In addition to the particularity of gem enterprises, it also involves investors' acceptance and approval of the quality of information disclosure, and the prerequisite for investment decision-making. Although the average cost of equity capital of non-state-owned enterprises is higher, but improving the quality of information disclosure, the market sensitivity is higher, and the effect of reducing the risk premium in the cost of equity capital is more obvious. Similarly, the listed companies with low equity concentration and low market attention also have higher sensitivity on the quality of information disclosure. The conclusion of the study helps to increase the motivation of enterprises to improve the quality of information disclosure. To promote the effective development of the market; At the same time, it helps companies with different listed sectors and different backgrounds to choose the most appropriate degree of information disclosure and maximize equity interests.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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