机构投资者、信息披露质量与企业权益资本成本

发布时间：2018-07-12 21:16

本文选题：企业信息披露质量 + 权益资本成本　；参考：《西南大学》2014年硕士论文

【摘要】：作为投资者与社会公众了解企业的重要桥梁,企业信息披露对整个资本市场的运作效率有着至关重要的影响。真实、全面、准确并且及时、充分的信息披露不仅能够对指导资本市场的资源配置产生积极、有效的引导作用,其对于维护资本市场的市场秩序以及保护各方利益相关者的相关利益同样具有重要意义。作为企业信息披露的一大重要经济后果,信息披露质量对权益资本成本的影响成为了国际资本市场研究的重要课题,得到了理论界与实务界的密切关注。通过对相关研究进行学习后,笔者发现关于该课题的大多数研究表明,提高企业信息披露质量对于有效降低权益资本成本具有积极作用。 2006年以来,我国机构投资者进入快速发展时期,随着其数量上的不断增多、规模上的不断扩大以及整体质量上的不断提高,社会各界对其在公司治理与维护投资者权益方面的作用有了更加深入的研究认识。作为市场上信息掌握相对全面准确的投资者,机构投资者对企业未公开私有信息的解读利用能够在一定程度上体现在上市公司股票价格中,从而提高股价的信息含量,进而提高资本市场效率。国外学者的大部分相关研究表明机构投资者的存在及其相互间的信息竞争能够减少企业信息披露对其权益资本成本的影响作用。目前我国国内学者关于企业信息披露、机构投资者与企业权益资本成本三者间的研究大多采用主板数据,少数采用了中小企业板数据,而关于创业板数据的研究则较为少见。因此,本文在回顾总结学习国内外学者文献的基础之上,选择了以创业板2012年数据作为研究对象。此外,由于创业板企业本身数量较少,为了避免由于样本量过小而导致实证结果的过分偏差,本文同时加入了创业板前身-中小企业板2012年相关数据进行研究,并且为了尽量避免板块差异引起的偏差,特别加入了板块的控制变量。在对企业权益资本成本计算的模型选择上,由于信息披露研究理论中“信息不对称理论”的存在,本文并没有选择常用的资本资产定价模型(CAPM),而是在多方比较后,采用了PEG比率模型。在对企业权益资本成本进行计算后,本文通过三个简单的多元线性回归模型分别研究了以下三个问题：(1)企业信息披露质量对其权益资本成本的影响作用；(2)机构投资者的存在与否是否会减弱企业信息披露对其权益资本成本的影响作用；(3)机构投资者相互间的信息竞争是否会减弱企业信息披露对其权益资本成本的影响作用。研究发现：(1)对中小企业而言,信息披露质量是影响企业权益资本成本的重要因素,二者之间呈负相关关系,即信息披露质量越高,企业权益资本成本越低；(2)对中小企业而言,机构投资者的存在不仅不会减弱其信息披露质量对其权益资本成本的影响作用,反而会对其有加强作用,即与没有机构投资者的企业相比,在存在机构投资者持股的企业中,信息披露质量每提高一级,其权益资本成本下降的程度会更大；(3)对中小企业而言,由于我国机构投资者的发展尚不成熟,因此对于存在机构投资者持股的企业,机构投资者之间的信息竞争程度的加大并不会明显减弱信息披露质量对企业权益资本成本的作用影响。根据本文研究结果,本文具有以下政策含义：(1)提高企业信息披露质量对有效降低权益资本成本具有积极作用,因此我国相关机构需要继续加强市场监督力度,完善信息披露规章制度,并且构建科学、合理的企业信息披露评价体系,从而提高上市公司的信息披露质量；(2)机构投资者的存在与发展都加强了企业信息披露与其权益资本成本的内在联系,研究结果表明因此我国相关机构应该继续加强机构投资者的发展与监督力度；(3)根据本文的实证研究结果,我国目前机构投资者相互间的信息竞争相对较低,我国相关机构应该在大力发展机构投资者的同时,加强提高机构投资者的整体素质并且营造出更加具有竞争性的信息环境,从而促进机构投资者相互间的信息竞争,进而更好地优化市场资源配置,改善融资效率。
[Abstract]:As an important bridge between investors and the public, enterprise information disclosure has a vital influence on the operation efficiency of the whole capital market. The real, comprehensive, accurate and timely information disclosure can not only provide a positive and effective guidance to the resource allocation of the capital market, but also for the maintenance of capital. The market order of the market and the protection of relevant interests of all stakeholders are equally significant.
As an important economic consequence of enterprise information disclosure, the impact of the quality of information disclosure on the cost of equity capital has become an important subject in the research of international capital market, and has been closely concerned with the theoretical and practical circles. After studying the related research, the author finds that most of the research on this subject has shown that it can improve the enterprise's letter. The quality of information disclosure plays a positive role in effectively reducing the cost of equity capital.
Since 2006, China's institutional investors have entered a period of rapid development. With the increasing number of investors, the expansion of the scale and the continuous improvement of the overall quality, all walks of life have a deeper understanding of its role in corporate governance and maintenance of investors' rights and interests. The interpretation and utilization of undisclosed private information by institutional investors can be reflected in the stock price of listed companies to a certain extent, thus improving the information content of the stock price and improving the efficiency of the capital market. Most of the related studies of foreign scholars show the existence of institutional investors and their mutual information. Competition can reduce the impact of information disclosure on the cost of equity capital.
At present, most of China's domestic scholars on enterprise information disclosure, institutional investors and enterprise equity capital cost between the three research mostly use the main board data, a few of the SME board data, and the research on the gem data is relatively rare. Therefore, this paper is based on the review of the study of domestic and foreign scholars. In addition, because of the small number of gem enterprises, in order to avoid the excessive deviation caused by the small sample size, the paper also joined the research on the 2012 related data of the pioneer board front and small and medium enterprise board, and in order to avoid the deviation caused by the plate difference as much as possible. In particular, the control variables of the plate are added.
In the choice of the cost calculation model of enterprise equity capital, because of the existence of "information asymmetry theory" in the theory of information disclosure, this paper does not choose the common capital asset pricing model (CAPM), but after multiple comparison, it adopts the PEG ratio model. After calculating the cost of equity capital, this paper passes three The following three problems are studied by a simple multiple linear regression model: (1) the influence of the quality of information disclosure on the cost of equity capital; (2) whether or not the existence of institutional investors will weaken the influence of enterprise information disclosure on the cost of equity capital; (3) whether the information competition between institutional investors is or not. It will weaken the impact of information disclosure on the cost of equity capital.
The findings are as follows: (1) for small and medium-sized enterprises, the quality of information disclosure is an important factor affecting the cost of enterprise equity capital. There is a negative correlation between the two, that is, the higher the quality of information disclosure, the lower the cost of the equity capital of the enterprise; (2) the existence of institutional investors will not weaken the information disclosure quality to its rights and interests for small and medium-sized enterprises. The influence of capital cost will strengthen it, that is, compared with the enterprise without institutional investors, in the enterprises with institutional investors, the level of the cost of equity capital decline will be greatly reduced. (3) for small and medium-sized enterprises, the development of institutional investors in China is not yet successful. As a result, the increase in the level of information competition between institutional investors does not significantly weaken the impact of the quality of information disclosure on the cost of equity capital.
According to the results of this study, this paper has the following policy implications: (1) improving the quality of enterprise information disclosure has a positive effect on effectively reducing the cost of equity capital. Therefore, the relevant institutions in China need to continue to strengthen market supervision, improve information disclosure rules and regulations, and construct a scientific and reasonable enterprise information disclosure evaluation system. And improve the quality of information disclosure of listed companies; (2) the existence and development of institutional investors have strengthened the internal relationship between enterprise information disclosure and the cost of equity capital. The results show that the relevant institutions of our country should continue to strengthen the development and supervision of institutional investors; (3) according to the results of this paper, our country's objective The information competition between the former institutional investors is relatively low. The relevant institutions of our country should strengthen the overall quality of institutional investors and create a more competitive information environment at the same time, so as to promote the information competition between institutional investors and optimize the market resources. To improve the efficiency of financing.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】