本文關(guān)鍵詞：高科技上市公司信息披露質(zhì)量對(duì)股權(quán)融資成本影響的實(shí)證研究　出處：《沈陽理工大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 高科技上市公司 信息披露質(zhì)量 股權(quán)融資成本 信息披露總體質(zhì)量

【摘要】：信息披露是連結(jié)上市公司和資本市場(chǎng)的重要橋梁和紐帶，是解決信息不對(duì)稱問題的重要工具，影響著資本市場(chǎng)的有效性和社會(huì)資源的配置效率,許多公司要么迫于監(jiān)管的要求，要么迫于外界輿論壓力，，被動(dòng)進(jìn)行信息披露，有的公司基于發(fā)行股票和業(yè)績(jī)考核等目的選擇了披露虛假的信息，卻并不是出自于自身戰(zhàn)略等方面的考慮而進(jìn)行有效的信息披露，導(dǎo)致大量信息披露不規(guī)范現(xiàn)象出現(xiàn)。信息披露的效果受到影響，反過來也會(huì)影響公司披露信息的動(dòng)力，嚴(yán)重阻礙了我國資本市場(chǎng)的健康發(fā)展。因此，提高信息披露質(zhì)量對(duì)資本市場(chǎng)的健康發(fā)展起著越來越重要的作用。同時(shí)股權(quán)融資成本也是籌資管理中的一個(gè)重要組成部分，是公司理財(cái)?shù)暮诵�。信息披露質(zhì)量對(duì)資本成本的影響是會(huì)計(jì)領(lǐng)域的一個(gè)基本問題，也是經(jīng)濟(jì)金融領(lǐng)域的一個(gè)重要問題，逐漸成為廣大學(xué)者研究的方向。很多的實(shí)證研究也證明了信息披露質(zhì)量與股權(quán)融資成本之間存在著顯著關(guān)系。 本文從理論和實(shí)證兩個(gè)方面研究我國高科技上市公司信息披露對(duì)股權(quán)融資成本的影響。在對(duì)樣本的選取和檢驗(yàn)的基礎(chǔ)上，運(yùn)用描述性統(tǒng)計(jì)、相關(guān)性分析、多元回歸等方法進(jìn)行分析，最終可以得出結(jié)論：高科技上市公司信息披露質(zhì)量的提高有利于降低股權(quán)融資成本；同時(shí)由于信息傳遞具有延后性，高科技上市公司的股權(quán)融資成本不但受到本年度信息披露質(zhì)量的影響，還受到上一年度信息披露質(zhì)量的影響，且受上一年度的影響程度更大；隨后，在不同的市場(chǎng)上去驗(yàn)證，發(fā)現(xiàn)主板市場(chǎng)上，信息披露質(zhì)量對(duì)股權(quán)融資成本的影響程度更大；最后針對(duì)實(shí)證結(jié)果，結(jié)合我國高科技上市公司實(shí)際情況從政府部門、中介機(jī)構(gòu)、機(jī)構(gòu)和個(gè)人投資者、公司內(nèi)部四個(gè)方面提出了相關(guān)的政策性建議：隨著證券市場(chǎng)的發(fā)展，逐漸建立完善上市公司信息披露機(jī)制，加快建立信息質(zhì)量評(píng)價(jià)標(biāo)準(zhǔn)，同時(shí)出臺(tái)相應(yīng)的信息質(zhì)量監(jiān)管體系，完善相關(guān)法律制度。
[Abstract]:Information disclosure is an important bridge and link between listed companies and capital market, it is an important tool to solve the problem of information asymmetry, which affects the effectiveness of capital market and the efficiency of social resources allocation. Many companies are either under the supervision of the requirements or under the pressure of outside public opinion passive disclosure of information some companies based on the issue of stocks and performance evaluation and other purposes of disclosure of false information. However, it is not from the consideration of its own strategy and other aspects of effective information disclosure, resulting in a large number of non-standard information disclosure phenomenon, the effect of information disclosure has been affected. In turn, it will affect the power of disclosure of information, which seriously hinders the healthy development of the capital market in China. Improving the quality of information disclosure plays a more and more important role in the healthy development of capital market. At the same time, the cost of equity financing is also an important part of financing management. The impact of the quality of information disclosure on the cost of capital is a basic problem in the field of accounting, and it is also an important issue in the field of economy and finance. Many empirical studies have proved that there is a significant relationship between the quality of information disclosure and the cost of equity financing. This paper studies the impact of information disclosure of high-tech listed companies on the cost of equity financing from both theoretical and empirical aspects. On the basis of selecting and testing samples, this paper uses descriptive statistics and correlation analysis. The multivariate regression analysis shows that: the improvement of information disclosure quality of high-tech listed companies is conducive to reduce the cost of equity financing; At the same time, due to the delay of information transmission, the stock financing cost of high-tech listed companies is affected not only by the quality of information disclosure in this year, but also by the quality of information disclosure in the previous year. And the impact of the previous year is greater; Then, in different markets to verify, found that in the main board market, the impact of information disclosure quality on equity financing costs is greater; Finally, according to the empirical results, combined with the actual situation of high-tech listed companies from government departments, intermediaries, institutions and individual investors. Four aspects of the company put forward the relevant policy recommendations: with the development of the securities market, gradually establish and improve the information disclosure mechanism of listed companies, and accelerate the establishment of information quality evaluation standards. At the same time, the introduction of the corresponding information quality supervision system, improve the relevant legal system.
【學(xué)位授予單位】：沈陽理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275.3;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王勇;;基于公司治理的信息披露質(zhì)量與公司績(jī)效關(guān)系研究——來自中國上市公司的經(jīng)驗(yàn)證據(jù)[J];財(cái)會(huì)通訊;2009年33期

2 陳繼初;;信息披露質(zhì)量與公司績(jī)效關(guān)系研究述評(píng)[J];財(cái)會(huì)月刊;2009年03期

3 葉康濤,陸正飛;中國上市公司股權(quán)融資成本影響因素分析[J];管理世界;2004年05期

4 李明毅;惠曉峰;;上市公司信息披露與資本成本:來自中國證券市場(chǎng)的經(jīng)驗(yàn)證據(jù)[J];管理學(xué)報(bào);2008年01期

5 張浩;;上市公司信息披露之我見[J];經(jīng)營(yíng)管理者;2009年10期

6 陸正飛,葉康濤;中國上市公司股權(quán)融資偏好解析——偏好股權(quán)融資就是緣于融資成本低嗎?[J];經(jīng)濟(jì)研究;2004年04期

7 汪煒,蔣高峰;信息披露、透明度與資本成本[J];經(jīng)濟(jì)研究;2004年07期

8 曾穎;陸正飛;;信息披露質(zhì)量與股權(quán)融資成本[J];經(jīng)濟(jì)研究;2006年02期

9 周冬華;周紅;;上市公司信息披露質(zhì)量度量研究述評(píng)[J];中國注冊(cè)會(huì)計(jì)師;2009年10期

10 滕長(zhǎng)宇;;中國上市公司信息披露的制度缺陷及治理對(duì)策[J];金融經(jīng)濟(jì);2007年10期

相關(guān)碩士學(xué)位論文 前1條

1 蘭潔;信息披露質(zhì)量對(duì)權(quán)益資本成本的影響研究[D];中國人民大學(xué);2008年

本文編號(hào)：1365433