本文選題：會計信息透明度 + 機構(gòu)投資者行為�。� 參考：《西南大學》2012年碩士論文

【摘要】：由于規(guī)范上市公司信息披露行為,提高證券市場信息披露質(zhì)量,保護投資者的權(quán)益,是資本市場穩(wěn)定發(fā)展的必要條件,也是證券監(jiān)管的基本要求,更是促進經(jīng)濟健康發(fā)展的前提,所以會計信息透明度一詞引起了學術(shù)界很大的關(guān)注度,并旦上市公司會計信息透明度提高的經(jīng)濟后果,無論是對證券市場,還是投資者,還是公司本身都有著極大的意義。 本文從上市公司會計信息透明度經(jīng)濟后果的研究背景出發(fā),闡述了研究的目的、思路、內(nèi)容、框架以及方法,并探討了上市公司會計信息透明度經(jīng)濟后果的理論基礎(chǔ)：有效資本市場理論、信號傳遞理論、代理理論,綜合論述了國內(nèi)外研究現(xiàn)狀,對上市公司會計信息透明度的經(jīng)濟后果研究情況進行了總結(jié)。本文選取了較有代表性的三個方面經(jīng)濟后果作為研究對象,分別是機構(gòu)投資者的行為、會計盈余價值相關(guān)性、權(quán)益資本成本,機構(gòu)投資者的行為是從會計信息透明度對投資者的投資行為的影響角度來研究會計信息透明度的經(jīng)濟后果,會計盈余價值相關(guān)性是從會計信息透明度在證券市場的影響的角度來研究會計信息透明度的經(jīng)濟后果,權(quán)益資本成本是從會計信息透明度對公司自身的融資影響的角度來研究會計信息透明度的經(jīng)濟后果的。 對于會計信息透明度的度量問題一直是一個難題,目前國內(nèi)外有很多種度量方法,各有優(yōu)缺點。本文以深圳證券交易所對上市公司的信息披露考評等級作為會計信息透明度的度量指標,原因在于該度量方法比較適用于我國的情況,也比較符合會計信息透明度綜合性、全面性的特點,也比較有權(quán)威性和客觀性。并且采用標識盈余管理的變量和標識審計意見類型的變量來對會計信息透明度的度量指標進行恰當性檢驗,初步驗證了以信息披露考核結(jié)果來衡量我國上市公司信息透明度的合理性。在選定了會計信息透明度的度量指標后通過實證的方法研究了上市公司會計信息透明度的經(jīng)濟后果,主要是從機構(gòu)投資者投資行為、會計盈余價值相關(guān)性、權(quán)益資本成本這三個方面進行了描述性統(tǒng)計分析、相關(guān)性分析、多元回歸分析以及穩(wěn)定性檢驗,得出的結(jié)論是：上市公司會計信息透明度與投資者行為之間是正相關(guān)關(guān)系的,表現(xiàn)為上市公司會計信息透明度越高,那么上市公司可以吸引更多的機構(gòu)投資者的關(guān)注,機構(gòu)投資者愿意提高持股比例,持有更多的股票；以價格模型為基礎(chǔ)研究的上市公司會計信息透明度與會計盈余價值相關(guān)性的正相關(guān)關(guān)系,表明了上市公司會計信息透明度越高,則每股收益的價值相關(guān)性越高,但是每股凈資產(chǎn)的價值相關(guān)性沒有得到顯著的提升；上市公司會計信息透明度與以O(shè)J模型計算的權(quán)益資本成本之間存在顯著的負相關(guān)關(guān)系,即上市公司會計信息透明度越高,上市公司的權(quán)益資本成本越低；同時粗略驗證了在研究上市公司會計信息透明度對投資者行為、會計盈余價值相關(guān)性、權(quán)益資本成本的影響時的回歸模型是穩(wěn)定性的,其結(jié)論更可信。
[Abstract]:To standardize the information disclosure behavior of listed companies, improve the quality of information disclosure in the stock market and protect the rights and interests of investors is the necessary condition for the stable development of the capital market, the basic requirement of the securities regulation, and the premise of promoting the healthy development of the economy. The economic consequences of improving the transparency of accounting information of listed companies are of great significance to the securities market, investors or companies themselves.
Based on the research background of the economic consequences of accounting information transparency in listed companies, this paper expounds the purpose, ideas, contents, framework and methods of the research, and discusses the theoretical basis of the economic consequences of the transparency of the accounting information of listed companies: the effective capital market theory, the signal transmission theory, the agency theory, and the comprehensive discussion of the research at home and abroad. This paper summarizes the economic consequences of accounting information transparency of listed companies. This paper selects three representative economic consequences as the research object, namely, the behavior of institutional investors, the relevance of the value of accounting earnings, the cost of equity capital, and the behavior of the institutional investors from the transparency of accounting information. The economic consequences of accounting information transparency are studied by the influence of investors' investment behavior. The relevance of accounting earnings value is to study the economic consequences of accounting information transparency from the angle of the influence of accounting information transparency in the securities market. The cost of equity capital is from the angle of the influence of accounting information transparency to the company's own financing. To study the economic consequences of transparency in accounting information.
The measurement of accounting information transparency has always been a difficult problem. There are many kinds of measurement methods at home and abroad, and each has its own advantages and disadvantages. This paper takes the evaluation grade of the information disclosure of the listed companies on the Shenzhen stock exchange as a measure of the transparency of the accounting information. The reason is that the measurement method is more suitable for the situation in China and is also compared to the situation in China. In accordance with the comprehensive and comprehensive characteristics of accounting information transparency, it is also more authoritative and objectivity. And the variables of identifying earnings management and the variable of identifying audit opinion types are used to test the measurement index of accounting information transparency, and it is preliminarily verified that the results of information disclosure assessment are used to measure the public listing in China. After choosing the measurement index of accounting information transparency, the economic consequences of the transparency of the accounting information of the listed companies are studied through empirical methods, mainly from the three aspects: the investment behavior of institutional investors, the relevance of the value of accounting earnings, and the cost of equity capital. The conclusion is that the transparency of the accounting information of listed companies is positively related to the investor behavior, which shows that the higher the transparency of the accounting information of the listed companies, the listed companies can attract more attention of the institutional investors, and the institutional investors are willing to improve the shareholding ratio. A positive correlation between the transparency of the accounting information and the relevance of the value of accounting earnings based on the price model shows that the higher the transparency of the accounting information of the listed companies, the higher the value relevance of the earnings per share, but the value relevance of the per share net assets has not been significantly improved. There is a significant negative correlation between the transparency of the accounting information of the listed companies and the cost of equity capital calculated by the OJ model, that is, the higher the transparency of the accounting information of the listed companies, the lower the cost of equity capital of the listed companies, and at the same time a rough verification of the accounting earnings value of the accounting information transparency of the listed companies and the value of the accounting earnings. Correlation, the regression model of the impact of cost of equity capital is stable, and the conclusion is more credible.

【學位授予單位】：西南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51;F224

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