上市公司会计信息质量对投资者信心的影响

发布时间：2018-05-28 06:03

本文选题：会计信息质量 + 会计信息披露　；参考：《西南财经大学》2014年硕士论文

【摘要】：2009年3月,时任国务院总理的温家宝同志在会见中外记者时,就已经明确提出：“面对金融危机,信心要比黄金和货币还要重要”。从2001年的美国安然事件到2008年的全球金融危机,上市公司会计信息失真给企业经营和资本市场建设都带来了不少惨痛教训,这一系列的丑闻,严重打击了投资者对资本市场的信心。在我国的上市公司中,会计信息失真的情况也屡屡发生,造假手段也越发隐蔽和恶劣。近一段时间以来,我国股市一度持续低迷,甚至一度跌穿了“钻石底”,投资者怨声载道,其中不免同资本市场中充斥着各类虚假信息以及上市公司随意操纵利润有关。历史的教训不容忽视,众所周知,当代经济在很大程度上是信用经济,从根本上说就是信心经济,资本市场的稳定与发展需要依靠广大投资者的共同参与,加强对上市公司会计信息质量的监督与把关,是提升投资者信心、保护投资者切身利益的有力途径。在这样的背景下,保持和提振投资者信心,成为了我国资本市场获得繁荣发展的重要前提。会计信息是资本市场中一项极其重要的因素,能够有效地将资本市场中的各种角色连接起来。投资者需要依靠高质量的上市公司会计信息,做出最有价值的投资决策,这是因为,只有在获取高质量会计信息的情况下,投资者才能够对上市公司的未来收益和风险进行一个理性判断,并从自身的利益出发进行取舍。由此可见,对于资本市场的各类型角色来说,其有效的经济决策都需要依靠高质量的会计信息。目前,上市公司会计信息质量的研究大多都是从公司内部治理的角度出发,专门针对会计信息使用者,也就是对广大投资者产生影响的研究却较为匮乏。本文重点研究了上市公司会计信息质量对投资者信心的影响,可以作为上市公司会计信息质量经济后果相关研究的一个分支。如果能够证明上市公司会计信息质量对投资者信心的正向影响,那么就可以更有说服力地督促上市公司主动提高会计信息质量,有助于构建会计信息和信心之间的良性循环。同时,也希望能够在我国资本市场亟待规范、完善的今日,为监管部门制定相关政策提供一些参考依据。基于以上思路,笔者将内容分为以下五个部分：第一部分：绪论。该部分首先介绍了论文的研究背景及选题意义,阐述了文章的主要内容、文章架构及主要方法,最后说明了本文的创新和不足。第二部分：文献综述部分。从上市公司会计信息质量、投资者信心、以及二者的相关关系三个方面,分别对国内外的研究成果进行了回顾,并作了简要述评。第三部分：以有效市场理论、信息不对称理论与委托代理理论为切入点,找出会计信息质量与投资者信心的内在联系,为本文的实证部分提供理论支撑,并提出相应的研究假设。第四部分：实证分析部分。阐述了各个变量的选取标准,以及替代变量的选择,构建模型进行描述性统计分析及多元回归分析。第五部分：结论与建议。根据实证分析的结果,本文得出以下结论：1、会计信息盈余操纵程度与投资者信心指数呈显著负相关关系,即会计信息盈余操纵程度越低,投资者信心越强2、会计信息披露质量指标对投资者信心呈现显著的负相关,与笔者预期相反,可能与我国投资者还未深入建立起价值投资的理念有关,跟风炒作情况严重。3、最终控制人性质为非国有的上市公司,盈余操纵程度同投资者信心的负相关关系得到增强,会计信息披露质量与投资者信心的负相关关系得到削弱。根据所得出的结论,笔者提出相应的政策建议,并阐述了研究存在的不足之处,为今后的研究提供建议。本文的主要贡献体现在以下三个方面： (1)本文的初衷是研究上市公司股权结构、内部控制、公司治理等内部因素对上市公司会计信息质量的影响,然而,在研读了大量文献之后,发现与之相关的研究已经十分丰富,可供探索的空间有限,进而转换思路,希望能够在上市公司会计信息质量产生的外部影响当中选取一个角度,于是就考察了上市公司会计信息质量对投资者信心的影响这一前人研究得较少的领域。上市公司会计信息在资本市场中发挥着越来越重大的作用,能够有效解决信息不对称和代理问题。随着资本市场的发展,投资者的信息知情权需求越发强烈。目前的研究成果中,关于上市公司会计信息质量和投资者信心两方面的研究都取得了一些成果,但是就我国目前的资本市场发展现状,会计信息质量高的公司是否能够促进投资者信心的提升却鲜有文献涉及。本文在利用现有理论的基础上,首先采用实证的方法对上市公司会计信息质量对投资者信一心的影响情况进行探索,继而在区分上市公司最终控制人性质的情况下,对二者关系进行进一步探讨。 (2)本文采取了两个维度来综合度量上市公司会计信息质量,分别是会计信息披露质量和盈余操纵程度。目前,学术界对于如何衡量上市公司会计信息质量的标准还没有定论。一部分学者沿用深交所发布的上市公司信息披露考评结果,将其作为会计信息质量的替代变量。还有一部分学者倾向于采用盈余操纵程度来衡量。笔者认为会计信息作为连接投资者与上市公司之间的沟通桥梁,其质量应该一分为二来看,既需要保证会计信息质量的有效披露,同时也需要保证会计信息实质性内容的真实与客观。除此之外,通过两个维度的度量,也能够进一步探讨每个维度对投资者信心的影响程度。 (3)目前,针对投资者信心的度量绝大多数是从市场角度考虑的,较为缺乏来自上市公司层面的度量方式。笔者认为上市公司是资本市场中的重要组成部分,外部投资者对于资本市场的信心在很大程度上应该源于对上市公司的信心,这也是理性投资、价值投资的基础。于是,本文在参考相关文献的基础上,主要从上市公司层面的角度出发,试图选取最能够影响投资者对上市公司投资价值判断的指标,构建投资者信心指标体系,并且采用主因素分析法进行进一步度量。本文存在的局限和不足 (1)投资者信心的研究属于行为金融学的研究范畴,其影响因素是多方面的,政治、经济、社会等各个方面都可能会对投资者信心产生影响。此外,针对投资者信心的实证研究也是近几年才逐步兴起,可供参考的文献较少。本文主要从上市公司的角度,认为投资者信心的高低能够反映其对于证券市场的乐观程度,因此决定从微观层面来度量,在综合考虑公司特质和市场总体因素的基础上,采用机构投资者持股比例、年度市盈率、年度市净率、年均换手率为投资者信心的主要影响因素,可能还存在其他影响因素未能涵盖,主因素分析和控制变量的选取可能存在局限和遗漏。 (2)本文样本的选取只选择了深交所的A股上市公司,而没有考察中国所有A股上市公司的相关数据,实证研究可能存在一定的局限性。这主要是因为本文试图探讨两个维度下的会计信息质量对投资者信心的影响,目前,维度之一的上市公司信息披露考评结果只有深交所进行发布,因此只选择了深交所的A股上市公司。 (3)本文对于最终控制人性质的区分仅限于国有和非国有两类,而没有再进行细分,今后可以从这一方面继续深入研究。
[Abstract]:In March 2009, when Comrade Wen Jiabao, the Prime Minister of the State Council, met with Chinese and foreign journalists, he made it clear that "in the face of the financial crisis, confidence is more important than gold and money". From the Enron event in 2001 to the global financial crisis of 2008, the accounting information of listed companies has been distorted to business operation and capital market construction. This series of scandals has severely hit investors' confidence in the capital market. In our listed companies, the distortion of accounting information has occurred repeatedly, and the means of counterfeiting are more and more hidden and bad. The investors are complaining, which can not be avoided with all kinds of false information in the capital market and the random manipulation of profits by listed companies. The lessons of history can not be ignored. As we all know, the contemporary economy is a credit economy to a large extent, fundamentally the confidence economy, and the stability and development of the capital market depends on the vast amount of investment. To strengthen the supervision and control of the quality of the accounting information of the listed companies is a powerful way to improve the investor's confidence and protect the interests of the investors. In this context, it is an important prerequisite for the prosperity and development of our capital market to maintain and boost the confidence of the investors.
Accounting information is an extremely important factor in the capital market. It can effectively connect various roles in the capital market. Investors need to rely on high quality accounting information of listed companies to make the most valuable investment decisions. This is because only in the case of obtaining high quality accounting information, investors can be up to the top. The future profits and risks of a city company are judged rationally and taken out from their own interests. Thus, for the various types of roles of the capital market, their effective economic decisions need to rely on high quality accounting information.
At present, most of the research on the quality of accounting information of listed companies is from the perspective of internal governance of the company. The research on accounting information users, that is, the impact on the majority of investors, is scarce. This paper focuses on the influence of the quality of the accounting information on the investor confidence of the listed companies, which can be used as a listed company. If it can prove the positive impact of the quality of the accounting information on the confidence of the investors, it can be more persuasive to urge the listed companies to improve the quality of accounting information actively and help to build a virtuous circle between accounting information and confidence. On the basis of the above ideas, the author divides the contents into five parts: Based on the above ideas, the capital market in China needs to be standardized and perfected.
The first part is introduction. This part first introduces the research background and significance of the thesis, expounds the main contents, the structure and the main methods of the article, and finally explains the innovation and deficiency of this article.
The second part: the literature review part. From the accounting information quality of the listed companies, investor confidence, and the related relations between the two parties, we reviewed the research results at home and abroad, and made a brief review.
The third part: Taking the effective market theory, the information asymmetry theory and the principal-agent theory as the breakthrough point, we find out the internal relationship between the quality of accounting information and the investor confidence, and provide the theoretical support for the empirical part of this paper, and put forward the corresponding research hypothesis.
The fourth part: the empirical analysis part. It expounds the selection criteria of each variable, the choice of the alternative variables, and the descriptive statistical analysis and multiple regression analysis of the construction model.
The fifth part: conclusions and suggestions. According to the results of the empirical analysis, this paper draws the following conclusions: 1, there is a significant negative correlation between the earnings manipulation degree of accounting information and investor confidence index, that is, the lower the earnings manipulation of accounting information, the more the investor confidence is 2, and the quality index of accounting information is significantly negative to the investor confidence. Contrary to the author's expectation, it may be related to the idea that the investors of our country have not yet built up the concept of value investment, which is a serious.3, the final controller is a non state-owned listed company, the negative correlation between the earnings manipulation degree and investor confidence is enhanced, and the quality of accounting information disclosure is negatively related to the investor confidence. According to the conclusion, the author puts forward corresponding policy recommendations, and expounds the shortcomings of the study, so as to provide suggestions for future research.
The main contributions of this paper are reflected in the following three aspects:
(1) the original intention of this paper is to study the influence of internal factors such as stock ownership structure, internal control, corporate governance and other internal factors on the quality of accounting information of listed companies. However, after reading a lot of literature, it has been found that the related research has been very rich, which can be explored for limited space, and then change ideas, hoping to be available in the accounting of listed companies. The external influence of information quality is selected from an angle, so the influence of the quality of the accounting information on the investor's confidence is investigated.
The accounting information of listed companies plays a more and more important role in the capital market, and can effectively solve the information asymmetry and agency problem. With the development of capital market, the demand for information right of information is more intense. In the present research results, two aspects of the quality of accounting information and investor confidence of the listed companies are all studied Some achievements have been made, but there are few literature on the current situation of the development of the capital market in China. However, there are few literature on whether a company with high accounting information quality can promote the improvement of investor confidence. Explore the situation, and then distinguish the nature of the ultimate controller of listed companies, further explore the relationship between the two.
(2) this paper takes two dimensions to measure the quality of the accounting information of the listed companies, which is the quality of accounting information disclosure and the degree of earnings manipulation. At present, there is no conclusion on how to measure the standard of accounting information quality of the listed companies. As an alternative variable for the quality of accounting information, some scholars tend to use the degree of earnings manipulation. As a bridge between investors and listed companies, the author thinks that the quality of the accounting information should be divided into two parts, which should not only guarantee the effective disclosure of the quality of accounting information, but also guarantee the accounting. The authenticity and objectivity of the substantive content of information, in addition to this, through the measurement of two dimensions, can also further explore the degree of impact of each dimension on investor confidence.
(3) at present, the vast majority of the measure of investor confidence is considered from the market point of view, and it lacks the measurement method from the level of the listed company. I think that the listed company is an important part of the capital market, and the confidence of the external investors to the capital market should be largely derived from the confidence of the listed companies. It is the basis of rational investment and value investment, so on the basis of related literature, this paper mainly from the perspective of the listed company level, attempts to select the most influential investors to determine the investment value of listed companies, build investor confidence index system, and use the principal factor analysis method for further measurement.
The limitations and shortcomings of the existence of this article
(1) the research of investor confidence belongs to the research category of behavioral finance. Its influence factors are many aspects, political, economic, social and other aspects may have an impact on investor confidence. In addition, the empirical research on investor confidence has been gradually rising in recent years, and few references are available. This paper mainly from the public market. The point of view is that the level of investor confidence can reflect the optimism of the stock market. Therefore, it is determined to measure from the micro level, on the basis of the comprehensive consideration of the characteristics of the company and the overall market factors, the proportion of institutional investors, the annual price earnings ratio, the annual market net rate and the annual turnover rate are the main investors' confidence. There may be other factors that may not cover the impact factors. There are limitations and omissions in the selection of principal factor analysis and control variables.
(2) the selection of this sample is only selected the A shares listed companies in the Shenzhen Stock Exchange, but not the related data of all A listed companies in China. The empirical study may have some limitations. This is mainly because this paper tries to explore the influence of the quality of accounting information on the investor confidence under the two dimensions, and at present, one of the dimensions is listed public. The results of the information disclosure evaluation were only released by the Shenzhen Stock Exchange, so only the A share listed companies of Shenzhen stock exchange were selected.
(3) the distinction between the nature of the ultimate controller is limited to the two categories of state owned and non-state owned enterprises, without further subdivision.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F272.9

【参考文献】