会计信息可比性与新三板公司定向增发

发布时间：2018-06-09 04:07

本文选题：会计信息可比性 + 新三板公司　；参考：《证券市场导报》2017年10期

【摘要】：论文研究了会计信息可比性对新三板公司定向增发的影响。以同行业上市公司作为新三板公司对标,研究发现新三板公司会计信息可比性越高,所能吸引的参加定向增发认购的投资者数量越多;其次提高会计信息可比性能吸引更多新投资者认购,而未能吸引更多原投资者认购,且在一定程度上会计信息可比性和盈余透明度存在替代关系。再次会计信息可比性较高的公司,定向增发的发行市盈率和发行市净率更高。最后提高会计信息可比性使得信息在投资者之间的分布更加均衡、能降低投资者之间意见分歧。本文研究表明新三板公司可以从提高会计信息可比性入手,降低投资者承担的信息不对称风险,从而降低资本成本和提高公司价值。
[Abstract]:The paper studies the influence of accounting information comparability on the new three-board companies. With the same industry listed companies as the new three board companies, the study found that the higher the comparability of accounting information of the new three boards, the more investors can be attracted to participate in the placement subscription; Secondly, improving the comparability of accounting information can attract more new investors to subscribe, but fail to attract more original investors to subscribe, and there is a substitution relationship between accounting information comparability and earnings transparency to some extent. Companies with high comparability of accounting information have higher price-to-earnings ratio and price-to-book ratio. Finally, improving the comparability of accounting information makes the distribution of information more balanced among investors, which can reduce the differences of opinions among investors. This paper shows that the new three board companies can improve the comparability of accounting information, reduce the risk of information asymmetry borne by investors, so as to reduce the cost of capital and improve the value of the company.
【作者单位】：长沙理工大学经济与管理学院;安徽财经大学会计学院;
【基金】：国家社会科学基金项目(12CGL028) 湖南省现代企业管理研究中心资助项目(13QGB2) 湖南省教育厅资助项目(15C0071)
【分类号】：F275;F832.51

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