探究我国创业板市场的投资效率

发布时间：2018-06-12 04:05

本文选题：创业板 + 盈余质量　；参考：《东北财经大学》2015年硕士论文

【摘要】：2009年10月30日,随着28家上市公司在创业板市场上的公开交易,标志着我国创业板正式成立。创业板市场作为中小企业的重要融资渠道,无论是在推动就业、降低金融风险还是促进产业创新方面都显得尤为重要。创业板上市公司的投资效率不仅仅关系到企业的发展经营状况,同时也牵动着广大投资者的切身利益。然而由于盈余操纵案件时有发生,使得广大投资者对企业的报告盈余的真实性和可靠度产生疑虑。正是这些盈余操纵行为使理论界掀起了对盈余质量进行研究的浪潮。现阶段对盈余质量的研究主要集中在计价观、信息观和契约观,并没有对盈余质量的有用性进行系统的研究。本文就“盈余质量对投资效率的影响”这一主题,从资源配置视角,研究资源的有效配置是否可以改善企业的投资效率；从市场定价视角,研究有效的价格是否会提高企业的投资效率；从企业契约观的角度,研究优质的盈余管理能否抑制代理人的盈余操纵行为,减少企业的非效率投资。通过对我国创业板样本公司进行实证研究发现,优质的盈余管理可以减少信息不对称的程度以及由此带来的融资成本,缓解委托代理矛盾,减少企业的非效率投资。优质的盈余管理可以影响企业的经营者对项目的选择,使更多资金投入到净值为正的项目中,可以在保护广大股东和股民利益的同时提高企业的投资效率和社会的资本配置效率。本文致力于解决创业板公司投资效率的问题。探究盈余特征、操纵性应计利润、自由现金流和资产负债率与企业投资效率间的作用路径。基于此,选取我国创业板市场2011年-2015年244只股票作为研究样本,通过对盈余质量进行界定,以投资效率为被解释变量,以盈余质量为解释变量,以自由现金流和资产负债率作为控制变量,研究盈余质量如何对我国创业板上市公司的投资效率产生影响。研究发现,我国创业板市场存在显著地非效率投资,并且是投资过度现象比较突出。盈余质量与创业板上市公司的投资效率具有显著正相关性,尤其盈余的真实性与企业投资效率的显著性关系最为明显。研究还发现,盈余质量和投资不足样本的相关性并不显著。通过稳健性检验发现,企业的所有制结构并不影响盈余质量与投资效率之间的关系。本文的主要创新点包括：第一,从盈余质量的角度为创业板的投资难问题提供解决路径。现阶段从会计盈余这一角度研究创业板投资效率的文献较少,本文以盈余质量作为突破口,对盈余质量与创业板投资效率之间的关系进行探究。第二,丰富了我国创业板市场盈余质量的经济后果。通过对盈余质量和投资效率等相关变量的界定,分析盈余质量如何作用于投资效率。通过上述研究,希望有用的数据信息能对创业板盈余质量经济后果提供新的研究思路和实证结果。
[Abstract]:October 30, 2009, with 28 listed companies in the gem market public transactions, marked the establishment of the gem. As an important financing channel for small and medium-sized enterprises, the gem market is particularly important in promoting employment, reducing financial risks and promoting industrial innovation. The investment efficiency of gem listed companies is not only related to the development and management of enterprises, but also affects the vital interests of investors. However, due to earnings manipulation cases, the majority of investors have doubts about the authenticity and reliability of the reported earnings. It is these earnings manipulation behaviors that make the theoretical circle carry on the wave of the earnings quality research. At present, the research on earnings quality is mainly focused on valuation view, information view and contract view, and there is no systematic study on the usefulness of earnings quality. On the theme of "the effect of earnings quality on investment efficiency", this paper studies whether the effective allocation of resources can improve the investment efficiency of enterprises from the perspective of resource allocation, and from the perspective of market pricing, This paper studies whether effective price will improve the investment efficiency of enterprises, and studies whether the high quality earnings management can restrain the agent's earnings manipulation behavior and reduce the inefficient investment from the angle of firm contract. Through empirical research on gem sample companies in China, it is found that high quality earnings management can reduce the degree of information asymmetry and the financing costs brought about by it, ease the contradiction between principal and agency, and reduce the inefficient investment of enterprises. High quality earnings management can affect the choice of projects by the operators of the enterprise, so that more funds can be invested in projects with positive net worth. It can improve the investment efficiency and social capital allocation efficiency while protecting the interests of shareholders and shareholders. This paper is devoted to solving the problem of investment efficiency of gem companies. This paper explores the characteristics of earnings, manipulative accrual profits, free cash flow, asset-liability ratio and investment efficiency. Based on this, 244 stocks in China's gem market from 2011 to 2015 are selected as the research samples. Through the definition of earnings quality, the investment efficiency is taken as the explanatory variable, and the earnings quality is taken as the explanatory variable. Taking free cash flow and asset-liability ratio as control variables, this paper studies how earnings quality affects the investment efficiency of listed companies in gem. It is found that there is significant inefficient investment in the gem market in China, and the phenomenon of excessive investment is more prominent. There is a significant positive correlation between earnings quality and investment efficiency of listed companies in gem, especially between the truthfulness of earnings and the investment efficiency of enterprises. The study also found that the correlation between earnings quality and underinvestment samples is not significant. It is found that the ownership structure does not affect the relationship between earnings quality and investment efficiency. The main innovations of this paper are as follows: first, from the perspective of earnings quality, the paper provides a way to solve the investment problem of gem. At present, there are few literatures on the investment efficiency of gem from the angle of accounting earnings. This paper takes earnings quality as a breakthrough to explore the relationship between earnings quality and investment efficiency of gem. Second, enriched our country growth enterprise market surplus quality the economic consequence. Based on the definition of earnings quality and investment efficiency, this paper analyzes how earnings quality plays an important role in investment efficiency. Through the above research, we hope that the useful data information can provide new research ideas and empirical results on the economic consequences of earnings quality in gem.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F832.51

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