我国信托公司信息披露与企业价值相关性的实证研究

发布时间：2018-05-27 03:32

本文选题：信托公司 + 信息披露测度　；参考：《北京化工大学》2013年硕士论文

【摘要】：近年，我国学者以上市公司为样本对信息披露质量问题进行了大量研究但是，，对非上市且具有公众利益实体的信息披露问题鲜有研究2005年我国银监会颁布实施ǎ信托投资公司信息披露管理暂行办法ǒ，凸显信托公司信息披露的必要性，因此研究我国信托公司信息披露质量，对于提高公司管理水平，提升企业价值具有重要的理论与现实意义本文首先在分析我国信托公司特征基础上，主要从利益相关者和监管者的角度出发，基于委托代理信息不对称有效市场假说信号传递等相关理论与ǎ信托投资公司信息披露管理暂行办法ǒ，建立了我国信托公司信息披露质量评价体系，进而对我国信托公司的信息披露总体质量进行测度分析；其次，依据我国43家信托公司2009—2011年披露的129份年报数据，建立多元线性回归模型，实证检验我国信托行业信息披露质量的影响因素；最后，根据可比公司市盈率倍数法评估了我国信托公司企业价值，并研究分析信息披露质量对信托公司企业价值的影响研究发现：信托公司的信息披露质量整体不高，各信托公司各年信息披露质量的差距不大，但是逐年小幅提升；信托产品市场信息和社会信息披露质量很低，信托公司自愿披露信息意识不强；信托公司规模与信息披露质量呈正相关关系；是否设立审计委员会和信托项目净资产收益率在一定程度上能够影响信托公司信息披露质量；信托信息披露质量能够促进企业价值的提高
[Abstract]:In recent years, Chinese scholars have conducted a lot of research on the quality of information disclosure with listed companies as a sample. In 2005, China's Banking Regulatory Commission promulgated and implemented the interim measures on Information Disclosure Management of Trust and Investment companies, which highlights the necessity of information disclosure of trust companies. Therefore, it is of great theoretical and practical significance to study the quality of information disclosure of trust companies in China to improve the level of corporate management and enhance the value of enterprises. First of all, based on the analysis of the characteristics of trust companies in China, this paper mainly starts from the perspective of stakeholders and regulators. Based on the relevant theories such as information asymmetry efficient market hypothesis of principal-agent information transmission and interim measures on information disclosure management of trust and investment companies, a quality evaluation system of information disclosure of trust companies in China is established. Then the overall quality of information disclosure of trust companies in China is measured and analyzed. Secondly, a multivariate linear regression model is established based on 129 annual reports disclosed by 43 trust companies in China in 2009-2011. Finally, according to the method of comparable company's price-earnings ratio, the paper evaluates the enterprise value of trust company in our country, and studies and analyzes the influence of information disclosure quality on trust company's enterprise value. The research found that the quality of information disclosure of trust companies is not high, the difference of information disclosure quality of trust companies is not big, but the quality of information disclosure is small, the quality of information disclosure of trust products market and social information is very low, The voluntary disclosure awareness of trust companies is not strong; the scale of trust companies is positively related to the quality of information disclosure; whether the establishment of audit committees and trust project net asset returns can affect the quality of information disclosure of trust companies to a certain extent; The quality of Trust Information Disclosure can promote the improvement of Enterprise value
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49;F275

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