环境不确定性与企业投融资效率关系研究：会计信息质量的调节作用

发布时间：2018-02-27 00:35

本文关键词： 环境不确定性会计信息质量投资效率融资效率　出处：《浙江理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：投资、融资效率是影响企业经营成果的重大因素。高效率的融资是企业进行投资及其他经营活动的重要保障,高效率的投资能够为企业带来良好的现金流回报。微观环境的不确定性会给企业带来经营和财务风险,对企业的投资及融资效率造成负向影响。面对这种情况,企业通过提高会计信息质量可以降低与利益相关者的信息不对称程度,降低外部投资者所要求的风险溢价及内部管理者追求私利产生的道德风险,从而对外提高融资效率,对内提高投资效率。本文首先对环境不确定性、会计信息质量、投资、融资效率的内涵展开分析,并主要借助信号传递理论、信息不对称理论、委托代理理论等解释变量间的逻辑关系。环境不确定性主要通过增加了信息不对称及企业经营风险,从而降低了企业投、融资效率。会计信息质量的提高却能通过信号传递方式降低信息不对称程度。因此本文引入会计信息质量,探讨其对环境不确定性与投资、融资效率中的作用。本文以深交所323家上市公司2009-2015年数据为研究对象,构建多元回归模型,通过相关、回归等数据分析得出相应结论并做出政策建议。本文采用销售收入的变异系数来衡量环境不确定性,采用Richardson(2006)模型对投资效率进行测量,同时采用加权平均融资成本的大小来反映企业融资效率。本文经过理论分析与实证检验,得出以下结论:环境不确定性与企业投资、融资效率呈显著负相关关系;会计信息质量与企业投资、融资效率呈显著正相关关系;高质量的会计信息能够缓解环境不确定性对企业投融资效率带来的负向影响,起到调节作用。本文通过理论分析,发现环境不确定性对企业投资或者融资的影响,都可以借助信息不对称理论来解释,因此,本文将环境不确定性、会计信息质量与投融资效率放在一个概念框架下研究,具体分析变量间的相互关系,希望企业在处于不确定性的环境中,也可以通过自身行为的调整来较好的保持投资效率及融资效率。
[Abstract]:The efficiency of investment and financing is an important factor affecting the business achievement of an enterprise. Efficient financing is an important guarantee for an enterprise to carry out investment and other business activities. High efficiency investment can bring good cash flow return for enterprises. The uncertainty of micro environment will bring business operation and financial risk, and have a negative impact on the investment and financing efficiency of enterprises. In the face of this situation, By improving the quality of accounting information, enterprises can reduce the degree of information asymmetry with stakeholders, reduce the risk premium required by external investors and the moral hazard caused by internal managers' pursuit of private interests, so as to improve the efficiency of external financing. Firstly, this paper analyzes the connotation of environmental uncertainty, accounting information quality, investment and financing efficiency, and mainly makes use of signal transmission theory, information asymmetry theory, etc. Principal-agent theory explains the logical relationship between variables. Environmental uncertainty reduces enterprise investment by increasing information asymmetry and business risk. Financing efficiency. The improvement of accounting information quality can reduce the degree of information asymmetry by means of signal transmission. Therefore, this paper introduces the quality of accounting information, and discusses its uncertainty and investment to the environment. Based on the data of 323 listed companies in Shenzhen Stock Exchange from 2009 to 2015, this paper constructs a multivariate regression model. In this paper, the coefficient of variation of sales income is used to measure environmental uncertainty, and Richardson's 2006) model is used to measure the investment efficiency. At the same time, the weighted average financing cost is used to reflect the enterprise financing efficiency. Through theoretical analysis and empirical test, this paper draws the following conclusions: environmental uncertainty and enterprise investment, financing efficiency has a significant negative correlation; Accounting information quality has a significant positive correlation with enterprise investment and financing efficiency, and high quality accounting information can alleviate the negative impact of environmental uncertainty on enterprise investment and financing efficiency and play a regulatory role. It is found that the influence of environmental uncertainty on enterprise investment or financing can be explained by information asymmetry theory. Therefore, this paper studies environmental uncertainty, accounting information quality and investment and financing efficiency in a conceptual framework. By analyzing the relationship between variables, it is hoped that enterprises can maintain their investment efficiency and financing efficiency through the adjustment of their own behavior in the uncertain environment.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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