中小板上市公司盈余质量对投资效率的影响研究

发布时间：2018-04-11 17:05

本文选题：中小板 + 盈余质量　；参考：《山东大学》2014年硕士论文

【摘要】：随着我国经济结构的不断调整,中小企业作为国家经济领域的重要微观主体,在发展经济、推动就业、实现创新等方面发挥着不容忽视的作用。尤其是自中小板设立以来,中小企业的发展与整个社会的资本配置关系更为密切,中小板上市公司的投资效率不仅仅影响到企业的生存寿命,更牵扯到资本市场上的众多利益相关者,乃至整个宏观经济的健康发展。本文针对现有研究空白,从会计盈余信息的角度出发,探寻盈余质量与企业投资效率之间的作用机制,从盈余质量的角度解决中小企业的投资难题,以期丰富和完善盈余质量经济后果,为提高中小板上市公司投资效率提供支撑和建议。通过文献分析,针对研究目的,本文认为高质量的盈余应至少包含三层信息：一是能够精确反映企业的真实经营业绩,能用以衡量企业真实的盈利水平；二是能够具有充足的现金流作为保障,减少应计项目尤其是操纵性应计项目造成的“盈余泡沫”；三是能够稳定的维系企业的长远发展,帮助企业的利益相关者对企业的未来经营状况和预期价值做出判断,以便做出科学的决策。基于此,在信息不对称理论、委托代理理论和会计盈余功用论的基础上,对盈余质量对投资效率的作用路径进行了细分,从资源配置、市场定价和企业契约三方面入手打破了作用“黑箱”,刻画了全面的盈余质量作用路径框架。基于资本配置视角,盈余质量直接影响投资项目的选择和风险控制；基于市场定价视角,盈余质量可以缓解信息不对称,降低融资成本,提高投资效率；基于企业契约视角,盈余质量可以发挥监督作用,缓解代理冲突,抑制非效率投资。在此基础上,本文选用2008年以前上市并在2009-2012年期间持续经营的中小板制造业上市公司作为研究样本,从盈余的真实性、盈余的现金流保障性和盈余的非对称及时性三个角度出发,实证检验了盈余质量的提高是否有助于提高企业投资效率、缓解投资不足、抑制投资过度。研究结果显示,从整个中小板制造业上市公司的投资效率看,存在显著的非效率投资行为,且投资过度现象更为严重；而盈余质量与中小板上市公司投资效率显著正相关,盈余质量高的企业投资效率高,且盈余的真实性在这一过程中作用效果最为显著。受限于资本市场的反应速度和投资者的投资惯性,盈余质量与中小板上市公司的投资不足之间相关性并不显著,但高质量的盈余却能够有效抑制公司的过度投资行为。因此,为了实现企业投资效率的提高,应该在企业的运行过程中重视会计盈余质量,从会计准则、会计控制、财务分析、业绩评价、信息披露和中介服务六方面进行完善,充分发挥会计信息的计价与监督功效,这也是会计信息决策有用性的重要体现。
[Abstract]:With the continuous adjustment of our country ' s economic structure , small and medium - sized enterprises play an important role in developing economy , promoting employment and realizing innovation .

According to the literature analysis , for the purpose of research , this paper believes that the high - quality surplus should contain at least three layers of information : one is the ability to accurately reflect the real business performance of the enterprise , can be used to measure the enterprise ' s true profit level ;
Second , it is possible to have sufficient cash flow as a safeguard to reduce the " surplus foam " caused by the accrual project , in particular the operator ;
Based on the theory of information asymmetry , principal agent theory and accounting earnings utility theory , this paper divides the function path of earnings quality on investment efficiency , then breaks through the role of " black box " from three aspects of resource allocation , market pricing and enterprise contract . Based on the perspective of capital allocation , surplus quality directly affects the choice of investment project and risk control .
Based on the market pricing perspective , the surplus quality can alleviate the information asymmetry , reduce the financing cost and improve the investment efficiency ;
Based on the perspective of enterprise contract , earnings quality can play a supervisory role , mitigate agency conflict and suppress non - efficiency investment .

On the basis of this , the paper selects the small and medium - sized board manufacturing listed companies which are listed on the market before 2008 and continues to operate in the period 2009 - 2012 as the research samples , and empirically tests whether the improvement of the surplus quality contributes to the improvement of the investment efficiency of the enterprises , the relief of the underinvestment and the overinvestment of investment .
Therefore , in order to improve the investment efficiency of enterprises , we should pay more attention to the quality of accounting earnings in the course of the operation of the enterprises . Therefore , in order to realize the improvement of the investment efficiency of the enterprises , we should pay attention to the quality of accounting earnings in the course of the operation of the enterprises , and make full use of the accounting information ' s valuation and supervision efficiency , which is also an important embodiment of the usefulness of accounting information decision - making .

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F276.3

【参考文献】