信息披露、投资者信心和股权资本成本

发布时间：2018-03-14 08:45

本文选题：信息披露　切入点：投资者信心　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着中国资本市场的发展，信息披露被越来越多的投资者重视，并逐步成为投资决策的重要依据。良好的信息披露有利于降低市场中的信息不对称问题，可以节约交易成本，并保护企业利益相关者的切身利益。同时，良好的信息披露体系对管理者的道德风险问题以及投资者逆向选择问题都有一定的抑制作用，并保护投资者对企业的信心。投资者信心是投资者进行股权投资的根本保证，稳定投资者信心对于资本市场的平稳发展有着重要的意义。研究投资者信心对于资本成本的影响有利于提振企业管理投资者信心，稳定股票价值，增加投资者的忠诚度。中国的资本市场尚处在高速发展阶段，信息披露和投资者信心的作用显得尤为明显。企业可以通过提高信息披露水平赢得投资者信心。投资者信心的提振继而降低企业的股权资本成本，达到提升企业竞争力的目的。本文以信息披露，投资者信心和股权资本成本为主题，基于理论研究和深证主板，中小板和创业板的数据，进行实证检验，以探索三者关系。现阶段研究中，有关投资者信心的实证研究多采用宏观指标来代理整个市场的投资者信心，如央视看盘，消费者信心指数等。本文则通过对微观指标进行的主成分分析的方法，构建了每个上市公司的微观投资者信心指数。并以此代理投资者对该上市公司的投资者信心。并采用深交所对信息披露水平的评级作为信息披露水平的代理变量，采用PEG法估算企业资本成本。本文的实证研究结论如下，信息披露质量越高，投资者对该企业的投资者信心越强，该企业的股权资本成本就越低。企业信息披露水平的提高可以通过投资者信心，降低该企业的股权资本成本。作者希望能够通过探究信息披露和投资者信心以及投资者信心与资本成本的关系，，提出减少投资者信心波动的理论支持。进而合理地发展资本市场，保持资本市场的健康。在资本市场健康的大前提下，各企业通过提高其信息披露水平，可以提振个别投资者的信心，进而降低该企业的资本成本，提高企业的财务竞争力。
[Abstract]:With the development of China's capital market, more and more investors attach importance to information disclosure, and gradually become an important basis for investment decision-making. Good information disclosure is conducive to reduce the information asymmetry in the market, and can save transaction costs. At the same time, a good information disclosure system can restrain the moral hazard of managers and the adverse selection of investors. And to protect investors' confidence in the enterprise. Investor confidence is the fundamental guarantee for investors to invest in equity. Stability of investor confidence is of great significance to the steady development of capital market. Studying the influence of investor confidence on capital cost will help to boost the confidence of enterprise management investors and stabilize the stock value. Increasing the loyalty of investors. China's capital market is still at a stage of rapid development. The effect of information disclosure and investor confidence is particularly obvious. Enterprises can win investor confidence by improving the level of information disclosure. The boost of investor confidence and then reduce the cost of equity capital to achieve the purpose of enhancing the competitiveness of enterprises. Based on the information disclosure, investor confidence and the cost of equity capital, and based on the theoretical research and the data of Shenzhen main Board, small and medium-sized board and gem, this paper makes an empirical test to explore the relationship between them. The empirical research on investor confidence mostly uses macro index to represent the investor confidence of the whole market, such as CCTV, consumer confidence index and so on. The micro-investor confidence index of each listed company is constructed, and the investor confidence of the listed company is represented by the index. The rating of the information disclosure level of Shenzhen Stock Exchange is used as the proxy variable of the information disclosure level. PEG method is used to estimate the capital cost of the enterprise. The conclusion of this paper is as follows: the higher the quality of information disclosure, the stronger the investor confidence in the enterprise. The lower the cost of equity capital, the higher the level of disclosure can be through investor confidence. The author hopes to explore the relationship between information disclosure and investor confidence, as well as the relationship between investor confidence and capital cost. This paper puts forward the theoretical support to reduce the fluctuation of investor confidence, and then develops the capital market reasonably and keeps the capital market healthy. Under the premise of the healthy capital market, each enterprise improves its level of information disclosure. It can boost the confidence of individual investors, and then reduce the cost of capital and improve the financial competitiveness of the enterprise.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【引证文献】