中小上市公司信息披露質(zhì)量與股權(quán)融資成本關(guān)系研究
發(fā)布時間：2018-11-03 09:54
【摘要】：中小企業(yè)對促進(jìn)經(jīng)濟(jì)增長、社會進(jìn)步和科技發(fā)展發(fā)揮了重要作用，但中小企的融資難問題卻日益嚴(yán)重，，國內(nèi)外學(xué)者對這一問題進(jìn)行了大量研究。本文在前人的研究基礎(chǔ)上，主要研究中小上市公司股權(quán)融資成本與其信息披露質(zhì)量的關(guān)系，希望通過相關(guān)研究，探索降低中小企業(yè)股權(quán)融資成本的方法。 隨著我國經(jīng)濟(jì)的快速增長和證券市場的不斷完善，信息披露的地位越來越重要。信息披露有助于緩解逆向選擇和道德風(fēng)險問題，有利于促進(jìn)資源的有效配置。本文首先對信息披露的相關(guān)概念進(jìn)行闡述；從信息不對稱理論、有效市場理論、代理理論三個方面對信息披露質(zhì)量與股權(quán)融資成本的關(guān)系進(jìn)行理論剖析；指出信息披露主要通過緩解企業(yè)和投資者之間的信息不對稱程度、降低投資者預(yù)測風(fēng)險、提高股票流動性這三個角度來降低企業(yè)股權(quán)融資成本。我國學(xué)者的相關(guān)研究主要集中于直接考察信息披露質(zhì)量對股權(quán)融資成本的影響，缺乏從間接角度的研究。本文以深圳證券交易所中小板上市的552家中小上市公司2008-2010年的數(shù)據(jù)為研究樣本，從直接和間接兩個角度研究信息披露質(zhì)量與股權(quán)融資成本的關(guān)系。 從直接角度進(jìn)行研究的結(jié)果顯示，采用經(jīng)濟(jì)增長模型計(jì)算的股權(quán)融資成本未能通過可靠性檢驗(yàn)，出現(xiàn)了風(fēng)險越小股權(quán)融資成本越大的悖論。中間值是經(jīng)濟(jì)增長模型成功的關(guān)鍵因素，且計(jì)算較為復(fù)雜，本文采用的中間值系借鑒國外的研究結(jié)果，該值可能與我國資本市場實(shí)際情況不符。 在間接角度的研究中，以貝塔系數(shù)、收益標(biāo)準(zhǔn)差、換手率作為反映股票風(fēng)險的三個變量，信息披露質(zhì)量與這三個風(fēng)險變量呈現(xiàn)出顯著的負(fù)相關(guān)關(guān)系。首先，本文依據(jù)信息披露評級結(jié)果將樣本分成四組，比較各組的股票風(fēng)險水平，定性的揭示出高信息披露水平對應(yīng)著高股票流動性和低風(fēng)險水平。其次,進(jìn)行多元回歸分析之后，發(fā)現(xiàn)信息披露質(zhì)量每提高一個級別，反映股票風(fēng)險的三個變量均有明顯下降，間接說明提高信息披露質(zhì)量可以降低股權(quán)融資成本。本文還發(fā)現(xiàn)中小企業(yè)同樣表現(xiàn)出規(guī)模效應(yīng)，信息披露質(zhì)量的提高對股票風(fēng)險的影響具有行業(yè)差異。 根據(jù)實(shí)證研究結(jié)果，結(jié)合我國資本市場實(shí)際情況，本文從中小上市公司、投資者和監(jiān)管機(jī)構(gòu)的角度提出相關(guān)的政策建議。
[Abstract]:Small and medium-sized enterprises (SMEs) play an important role in promoting economic growth, social progress and scientific and technological development, but the financing difficulties of SMEs are becoming more and more serious. Scholars at home and abroad have done a lot of research on this problem. On the basis of previous studies, this paper mainly studies the relationship between the cost of equity financing and the quality of information disclosure of small and medium-sized listed companies, hoping to explore ways to reduce the cost of equity financing of small and medium-sized enterprises through relevant research. With the rapid economic growth and the continuous improvement of the securities market, the status of information disclosure is becoming more and more important. Information disclosure is helpful to alleviate adverse selection and moral hazard, and to promote the effective allocation of resources. Firstly, this paper expounds the related concepts of information disclosure, analyzes the relationship between the quality of information disclosure and the cost of equity financing from three aspects: information asymmetry theory, efficient market theory and agency theory. It is pointed out that information disclosure can reduce the cost of equity financing by reducing the degree of information asymmetry between enterprises and investors, reducing investors' forecast risk and improving stock liquidity. The related studies of Chinese scholars mainly focus on the direct investigation of the impact of information disclosure quality on equity financing costs, and lack of indirect research. Based on the data of 552 small listed companies listed on Shenzhen Stock Exchange from 2008 to 2010, this paper studies the relationship between the quality of information disclosure and the cost of equity financing from both direct and indirect perspectives. The results from the direct point of view show that the cost of equity financing calculated by the economic growth model fails to pass the reliability test, resulting in the paradox that the smaller the risk is, the greater the cost of equity financing is. The intermediate value is the key factor for the success of the economic growth model, and the calculation is more complicated. The intermediate value used in this paper is based on the research results of foreign countries, and it may not be in accordance with the actual situation of China's capital market. In the indirect study, Beta coefficient, return standard deviation and turnover rate are taken as the three variables to reflect the stock risk, and the quality of information disclosure has a significant negative correlation with these three risk variables. Firstly, this paper divides the samples into four groups according to the results of information disclosure rating, compares the stock risk levels in each group, and qualitatively reveals that the high information disclosure level corresponds to the high stock liquidity and the low risk level. Secondly, after multivariate regression analysis, it is found that the three variables reflecting the stock risk are obviously decreased with each improvement in the quality of information disclosure, which indirectly indicates that improving the quality of information disclosure can reduce the cost of equity financing. The paper also finds that the small and medium-sized enterprises also show the scale effect, and the improvement of the information disclosure quality has different influence on the stock risk. According to the results of empirical research and the actual situation of China's capital market, this paper puts forward relevant policy recommendations from the perspective of small and medium-sized listed companies, investors and regulators.
【學(xué)位授予單位】：湖北工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F233;F832.51
本文編號：2307451
[Abstract]:Small and medium-sized enterprises (SMEs) play an important role in promoting economic growth, social progress and scientific and technological development, but the financing difficulties of SMEs are becoming more and more serious. Scholars at home and abroad have done a lot of research on this problem. On the basis of previous studies, this paper mainly studies the relationship between the cost of equity financing and the quality of information disclosure of small and medium-sized listed companies, hoping to explore ways to reduce the cost of equity financing of small and medium-sized enterprises through relevant research. With the rapid economic growth and the continuous improvement of the securities market, the status of information disclosure is becoming more and more important. Information disclosure is helpful to alleviate adverse selection and moral hazard, and to promote the effective allocation of resources. Firstly, this paper expounds the related concepts of information disclosure, analyzes the relationship between the quality of information disclosure and the cost of equity financing from three aspects: information asymmetry theory, efficient market theory and agency theory. It is pointed out that information disclosure can reduce the cost of equity financing by reducing the degree of information asymmetry between enterprises and investors, reducing investors' forecast risk and improving stock liquidity. The related studies of Chinese scholars mainly focus on the direct investigation of the impact of information disclosure quality on equity financing costs, and lack of indirect research. Based on the data of 552 small listed companies listed on Shenzhen Stock Exchange from 2008 to 2010, this paper studies the relationship between the quality of information disclosure and the cost of equity financing from both direct and indirect perspectives. The results from the direct point of view show that the cost of equity financing calculated by the economic growth model fails to pass the reliability test, resulting in the paradox that the smaller the risk is, the greater the cost of equity financing is. The intermediate value is the key factor for the success of the economic growth model, and the calculation is more complicated. The intermediate value used in this paper is based on the research results of foreign countries, and it may not be in accordance with the actual situation of China's capital market. In the indirect study, Beta coefficient, return standard deviation and turnover rate are taken as the three variables to reflect the stock risk, and the quality of information disclosure has a significant negative correlation with these three risk variables. Firstly, this paper divides the samples into four groups according to the results of information disclosure rating, compares the stock risk levels in each group, and qualitatively reveals that the high information disclosure level corresponds to the high stock liquidity and the low risk level. Secondly, after multivariate regression analysis, it is found that the three variables reflecting the stock risk are obviously decreased with each improvement in the quality of information disclosure, which indirectly indicates that improving the quality of information disclosure can reduce the cost of equity financing. The paper also finds that the small and medium-sized enterprises also show the scale effect, and the improvement of the information disclosure quality has different influence on the stock risk. According to the results of empirical research and the actual situation of China's capital market, this paper puts forward relevant policy recommendations from the perspective of small and medium-sized listed companies, investors and regulators.
【學(xué)位授予單位】：湖北工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F233;F832.51
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