本文選題：會計(jì)穩(wěn)健性 + 股權(quán)集中度��； 參考：《西南交通大學(xué)》2017年碩士論文

【摘要】：目前,我國企業(yè)股權(quán)結(jié)構(gòu)中國有股占比較大,且企業(yè)內(nèi)部股權(quán)向少數(shù)大股東集中,這樣一來就很有可能造成大股東利用其控制優(yōu)勢操縱利潤,甚至為謀取私利,犧牲廣大投資者的利益,從而導(dǎo)致企業(yè)的權(quán)益資本成本增加。會計(jì)穩(wěn)健性原則對盈利的確認(rèn)比對虧損的確認(rèn)有更高的標(biāo)準(zhǔn),能夠?qū)⑵髽I(yè)生產(chǎn)經(jīng)營過程中發(fā)生的"壞消息"及時(shí)以財(cái)務(wù)報(bào)告的形式披露給投資人,進(jìn)而降低投資人面臨的預(yù)期風(fēng)險(xiǎn)和要求的預(yù)期回報(bào)。因此,對現(xiàn)代企業(yè)而言,如何有效降低權(quán)益資本成本,提高企業(yè)的籌資效率,促進(jìn)資本市場健康、有序發(fā)展顯得尤為必要。本文主要采用理論分析與實(shí)證分析相結(jié)合的方法進(jìn)行研究,以滬深A(yù)股2010年到2012年非金融類企業(yè)數(shù)據(jù)為研究樣本,將極端異常且無法獲取的數(shù)據(jù)剔除后,最終得到1130個(gè)公司共計(jì)3390個(gè)研究樣本,重點(diǎn)研究穩(wěn)健性水平的高低對企業(yè)權(quán)益資本成本的影響。在考慮我國資本市場上國有企業(yè)比大、企業(yè)股權(quán)集中度較高的情況下,加入股權(quán)集中度與產(chǎn)權(quán)屬性變量,探討股權(quán)集中度對會計(jì)穩(wěn)健性與權(quán)益資本成本相關(guān)關(guān)系的影響,同時(shí)分析不同產(chǎn)權(quán)屬性下,非金融類企業(yè)的會計(jì)穩(wěn)健性與權(quán)益資本成本的相關(guān)關(guān)系。結(jié)果發(fā)現(xiàn):在其他條件不變的情況下,如果非金融類企業(yè)的會計(jì)穩(wěn)健性水平越高,那么相應(yīng)的權(quán)益資本成本越低;非金融類企業(yè)的股權(quán)集中度越高,權(quán)益資本成本相應(yīng)較高;非金融類企業(yè)的股權(quán)集中度越高,那么會計(jì)穩(wěn)健性降低權(quán)益資本成本的作用越弱。本文相關(guān)研究結(jié)果為股權(quán)集中度、會計(jì)穩(wěn)健性與權(quán)益資本成本的關(guān)系提供了比較明確的經(jīng)驗(yàn)證據(jù),相關(guān)實(shí)證分析結(jié)果對我國企業(yè)會計(jì)政策的選擇與運(yùn)用以及降低權(quán)益資本成本具有重要的現(xiàn)實(shí)意義。
[Abstract]:At present, state-owned shares account for a large proportion of the stock ownership structure of enterprises in our country, and the internal shares of the enterprises are concentrated to a small number of major shareholders. As a result, it is very likely that the majority shareholders will use their control advantages to manipulate profits and even to obtain private profits. Sacrificing the interests of the majority of investors, resulting in an increase in the cost of equity capital. The accounting conservatism principle has a higher standard for the recognition of profits than for the recognition of losses. It can disclose the "bad news" that occurs in the course of an enterprise's production and operation to investors in a timely manner in the form of financial reports. In turn, reduce the expected risk faced by investors and the expected return required. Therefore, how to effectively reduce the cost of equity capital, improve the efficiency of raising funds, promote the healthy and orderly development of capital market is particularly necessary for modern enterprises. This paper mainly adopts the method of combining theoretical analysis with empirical analysis, taking Shanghai and Shenzhen A shares as the research samples from 2010 to 2012, after eliminating the extremely abnormal and unobtainable data. Finally, a total of 3390 research samples were obtained from 1130 companies, focusing on the impact of the level of robustness on the cost of equity capital. Considering the large ratio of state-owned enterprises and the high degree of equity concentration in the capital market of our country, this paper introduces the variables of ownership concentration and property right, and probes into the influence of ownership concentration on the relationship between accounting conservatism and equity capital cost. At the same time, this paper analyzes the relationship between accounting conservatism and equity capital cost of non-financial enterprises under different property rights. The results show that the higher the level of accounting conservatism of non-financial enterprises, the lower the cost of equity capital, the higher the concentration of equity, the higher the cost of equity capital. The higher the ownership concentration of non-financial enterprises, the weaker the role of accounting conservatism in reducing the cost of equity capital. The results of this paper provide clear empirical evidence for the relationship between equity concentration, accounting conservatism and equity capital cost. The results of empirical analysis are of great practical significance to the choice and application of accounting policies and the reduction of the cost of equity capital.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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本文編號：1938574