上市公司信息透明度的经济后果研究
发布时间：2018-08-05 14:41
【摘要】：21世纪以来，财务舞弊、信息披露舞弊丑闻以及“次贷危机”的发生使上市公司信息透明度成为资本市场关注的焦点。规范上市公司信息披露行为，提高上市公司信息透明度，是证券监管和保障投资者权益的基本要求，也是资本市场稳定发展的必要条件，更是促进经济健康发展的前提。“信息透明度”一词在学术界引起广泛的关注，并且上市公司信息透明度提高的经济后果，无论是对上市公司和外部投资者，还是对资本市场本身都有着极大的意义。 关于信息透明度的经济后果，论文选取了较有代表性的两个方面作为研究对象，它们分别是权益资本成本和经营绩效。整篇论文从上市公司信息透明度经济后果的研究背景出发，阐述了研究的目的、思路与方法、内容与框架，综合论述了国内外信息透明度对权益资本成本、信息透明度对经营绩效的研究现状，并探讨了上市公司信息透明度经济后果的理论基础和制度背景。 关于信息透明度如何度量，论文选用深圳证券交易所对上市公司的信息披露考评结果作为信息透明度的度量指标，在选定了信息透明度的度量指标后，论文通过实证的方法研究了上市公司信息透明度对权益资本成本、上市公司信息透明度对经营绩效的影响。其中，权益资本成本采用OJ模型计算得出，经营绩效使用主成分分析法计算得出的综合绩效得分来衡量。 通过理论和实证分析，论文得出的结论是：首先，上市公司信息透明度与以0J模型计算出来的权益资本成本之间存在显著的负相关关系，即上市公司信息透明度越高，其权益资本成本越低；其次，最终控制人性质会制约信息透明度对权益资本成本的影响，国有公司和非国有公司的信息透明度均对权益资本成本存在显著负向影响，但是对非国有公司的影响更显著；再次，上市公司信息透明度与以综合绩效得分衡量的公司经营绩效显著正相关，，即上市公司信息透明度越高，其经营绩效越好、盈利能力越强。 基于上述研究，论文提出应进一步提高上市公司信息透明度，并分别从上市公司和证券监管的角度提出相关的政策建议。
[Abstract]:Since the 21st century, financial fraud, information disclosure fraud scandal and the occurrence of "subprime crisis" make the information transparency of listed companies become the focus of attention in the capital market. Standardizing the behavior of information disclosure of listed companies and improving the information transparency of listed companies are the basic requirements of securities supervision and protection of investors' rights and interests, as well as the necessary conditions for the stable development of the capital market and the premise of promoting the healthy development of the economy. The term "information transparency" has aroused widespread concern in academic circles, and the economic consequences of improving the information transparency of listed companies are of great significance to both listed companies and external investors, as well as to the capital market itself. As to the economic consequence of information transparency, the thesis chooses two representative aspects as the research object, which are the cost of equity capital and the operating performance. Starting from the background of the research on the economic consequences of information transparency of listed companies, this paper expounds the purpose, ideas and methods, contents and framework of the research, and comprehensively discusses the impact of information transparency at home and abroad on the cost of equity capital. The present situation of information transparency on business performance is discussed, and the theoretical basis and institutional background of the economic consequences of information transparency of listed companies are discussed. As to how to measure information transparency, the paper chooses the information disclosure evaluation result of Shenzhen Stock Exchange as the measurement index of information transparency, and after selecting the measurement index of information transparency, This paper studies the effect of information transparency on the cost of equity capital and the information transparency of listed companies on the performance of listed companies by empirical method. Among them, the cost of equity capital is calculated by OJ model, and the operating performance is measured by the comprehensive performance score calculated by principal component analysis. Through theoretical and empirical analysis, the paper draws the following conclusions: first, there is a significant negative correlation between the information transparency of listed companies and the cost of equity capital calculated by 0J model, that is, the higher the information transparency of listed companies, the higher the information transparency of listed companies. The lower the cost of equity capital is, the lower the cost of equity capital is. Secondly, the effect of information transparency on the cost of equity capital is restricted by the nature of ultimate controller, and the information transparency of both state-owned and non-state-owned companies has a significant negative impact on the cost of equity capital. But the impact on non-state-owned companies is more significant. Thirdly, the information transparency of listed companies is significantly correlated with the operating performance measured by comprehensive performance score, that is, the higher the information transparency of listed companies, the better their operating performance. The more profitable. Based on the above research, the paper proposes that the information transparency of listed companies should be further improved, and puts forward relevant policy recommendations from the perspective of listed companies and securities supervision respectively.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
本文编号：2166100
[Abstract]:Since the 21st century, financial fraud, information disclosure fraud scandal and the occurrence of "subprime crisis" make the information transparency of listed companies become the focus of attention in the capital market. Standardizing the behavior of information disclosure of listed companies and improving the information transparency of listed companies are the basic requirements of securities supervision and protection of investors' rights and interests, as well as the necessary conditions for the stable development of the capital market and the premise of promoting the healthy development of the economy. The term "information transparency" has aroused widespread concern in academic circles, and the economic consequences of improving the information transparency of listed companies are of great significance to both listed companies and external investors, as well as to the capital market itself. As to the economic consequence of information transparency, the thesis chooses two representative aspects as the research object, which are the cost of equity capital and the operating performance. Starting from the background of the research on the economic consequences of information transparency of listed companies, this paper expounds the purpose, ideas and methods, contents and framework of the research, and comprehensively discusses the impact of information transparency at home and abroad on the cost of equity capital. The present situation of information transparency on business performance is discussed, and the theoretical basis and institutional background of the economic consequences of information transparency of listed companies are discussed. As to how to measure information transparency, the paper chooses the information disclosure evaluation result of Shenzhen Stock Exchange as the measurement index of information transparency, and after selecting the measurement index of information transparency, This paper studies the effect of information transparency on the cost of equity capital and the information transparency of listed companies on the performance of listed companies by empirical method. Among them, the cost of equity capital is calculated by OJ model, and the operating performance is measured by the comprehensive performance score calculated by principal component analysis. Through theoretical and empirical analysis, the paper draws the following conclusions: first, there is a significant negative correlation between the information transparency of listed companies and the cost of equity capital calculated by 0J model, that is, the higher the information transparency of listed companies, the higher the information transparency of listed companies. The lower the cost of equity capital is, the lower the cost of equity capital is. Secondly, the effect of information transparency on the cost of equity capital is restricted by the nature of ultimate controller, and the information transparency of both state-owned and non-state-owned companies has a significant negative impact on the cost of equity capital. But the impact on non-state-owned companies is more significant. Thirdly, the information transparency of listed companies is significantly correlated with the operating performance measured by comprehensive performance score, that is, the higher the information transparency of listed companies, the better their operating performance. The more profitable. Based on the above research, the paper proposes that the information transparency of listed companies should be further improved, and puts forward relevant policy recommendations from the perspective of listed companies and securities supervision respectively.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
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