本文關(guān)鍵詞：上市公司盈余質(zhì)量與投融資效率的關(guān)系研究　出處：《陜西科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 盈余質(zhì)量 投資效率 融資效率 投資不足 投資過(guò)度

【摘要】：盈余作為企業(yè)經(jīng)營(yíng)的階段結(jié)余，對(duì)企業(yè)的持續(xù)經(jīng)營(yíng)和后期發(fā)展有重大影響。更多的創(chuàng)造和準(zhǔn)確的披露盈余信息對(duì)企業(yè)自身及其他投資者有積極的作用。現(xiàn)階段，證券市場(chǎng)作為上市公司籌資的重要場(chǎng)所，對(duì)上市公司信息披露的要求較多，其中就包括盈余信息的披露，盈余信息披露的好壞在一定程度上對(duì)公司治理的各個(gè)方面產(chǎn)生不同的影響，特別是對(duì)投資和融資活動(dòng)。 在市場(chǎng)經(jīng)濟(jì)下，無(wú)論投資方還是籌資方，信息對(duì)它們是至關(guān)重要的。作為投資方，對(duì)被投資項(xiàng)目或單位情況信息的掌握往往成為投資成敗的關(guān)鍵；作為籌資方，吸收更多的社會(huì)閑散資金并合理利用，為企業(yè)發(fā)展奠定基礎(chǔ)成為融資目的的核心。在這些信息中，盈余信息作為重要的部分，受到各方信息使用者的關(guān)注。這主要在于盈余信息對(duì)投資方和籌資方的“預(yù)報(bào)”作用。 近年來(lái)，上市公司盈余質(zhì)量不高，造假現(xiàn)象嚴(yán)重，由于信息不對(duì)稱造成的非效率投資和融資效率低下的現(xiàn)象普遍，在金融危機(jī)作用下，這種現(xiàn)象有進(jìn)一步加劇的趨勢(shì)�；诖耍�，本文研究上市公司盈余質(zhì)量分別與投資效率和融資效率的相關(guān)關(guān)系。 本文在前人研究的基礎(chǔ)之上，首先，對(duì)盈余質(zhì)量與投融資效率從理論角度進(jìn)行描述，分別分析盈余質(zhì)量與投資效率和融資效率之間的作用機(jī)制。其次，對(duì)比我國(guó)上市公司與國(guó)外上市公司盈余質(zhì)量、投資效率和融資效率的現(xiàn)狀，并對(duì)差異進(jìn)行簡(jiǎn)要分析。再次，以2009—2012年滬深A(yù)股上市公司為樣本，通過(guò)采用描述性統(tǒng)計(jì)分析、相關(guān)性分析和多元線性回歸分析等實(shí)證方法，探討盈余質(zhì)量與投融資效率的關(guān)系。最后，通過(guò)增加補(bǔ)充控制變量對(duì)本文的假設(shè)進(jìn)行穩(wěn)健性檢驗(yàn)。研究發(fā)現(xiàn):一是盈余質(zhì)量的提高可以減少投資不足，進(jìn)而提高投資效率；二是盈余質(zhì)量的提高可以減少投資過(guò)度，從而提高投資效率；三是盈余質(zhì)量越高，融資效率越高，兩者呈正向關(guān)系。另外還發(fā)現(xiàn)：國(guó)有企業(yè)的所有制結(jié)構(gòu)會(huì)在一定程度上削弱盈余質(zhì)量與融資效率的正相關(guān)關(guān)系。 鑒于此，本文建議上市公司應(yīng)從提高自身的盈余質(zhì)量做起，并從政府職能部門、資本市場(chǎng)有效性和外部投資者的角度提出了提高盈余質(zhì)量進(jìn)而提高投融資效率的若干建議，并相應(yīng)提出了對(duì)未來(lái)上市公司盈余質(zhì)量和投融資效率發(fā)展的展望。期望本文的研究過(guò)程及成果能為我國(guó)上市公司在協(xié)調(diào)盈余質(zhì)量與投融資效率關(guān)系的問(wèn)題上增加實(shí)證指導(dǎo)和數(shù)據(jù)支持，同時(shí)也為政府監(jiān)管部門加強(qiáng)我國(guó)上市公司的盈余質(zhì)量監(jiān)督、提高投融資效率和資本市場(chǎng)健康有序發(fā)展提出建議。
[Abstract]:Earnings, as the stage balance of business operation, have a significant impact on the continuing operation and later development of enterprises. More creation and accurate disclosure of earnings information has a positive effect on the enterprises themselves and other investors at this stage. As an important place for listed companies to raise funds, the securities market requires more information disclosure of listed companies, including the disclosure of earnings information. To a certain extent, earnings information disclosure has different effects on all aspects of corporate governance, especially on investment and financing activities. In the market economy, whether the investor or the financing side, information is very important to them. As an investor, the master of the information of the invested project or unit is often the key to the success or failure of the investment. As the financing side, we can absorb more social idle funds and make rational use of them, so as to lay the foundation for the development of enterprises and become the core of the financing purpose. In these information, the surplus information is an important part. This is mainly due to the "forecast" effect of surplus information on investors and financiers. In recent years, the earnings quality of listed companies is not high, the phenomenon of fraud is serious, the phenomenon of inefficient investment and financing inefficiency caused by asymmetric information is common, under the influence of the financial crisis. Based on this, this paper studies the relationship between earnings quality and investment efficiency and financing efficiency of listed companies. On the basis of previous studies, this paper first describes the earnings quality and investment and financing efficiency from a theoretical point of view, respectively analysis of earnings quality and investment efficiency and financing efficiency between the action mechanism. Secondly. Compare the current situation of earnings quality, investment efficiency and financing efficiency between Chinese listed companies and foreign listed companies, and make a brief analysis of the differences. Thirdly, take Shanghai and Shenzhen A-share listed companies as samples from 2009-2012. Through the use of descriptive statistical analysis, correlation analysis and multiple linear regression analysis and other empirical methods to explore the relationship between earnings quality and investment and financing efficiency. Finally. By adding supplementary control variables to test the robustness of the hypothesis in this paper, it is found that: first, the improvement of earnings quality can reduce the insufficient investment, and then improve the investment efficiency; Second, the improvement of earnings quality can reduce excessive investment, thus improving investment efficiency; Third, the higher the earnings quality, the higher the financing efficiency, and the positive relationship between them. In addition, it is found that the ownership structure of state-owned enterprises will weaken the positive correlation between earnings quality and financing efficiency to some extent. In view of this, this paper suggests that listed companies should start from improving their earnings quality, and from the government functional departments. From the perspective of the efficiency of capital market and external investors, this paper puts forward some suggestions on how to improve the quality of earnings and improve the efficiency of investment and financing. It also puts forward the prospect of the development of earnings quality and investment and financing efficiency of listed companies in the future. It is expected that the research process and results of this paper can increase the coordination of the relationship between earnings quality and investment and financing efficiency of listed companies in China. Empirical guidance and data support. At the same time, some suggestions are put forward to strengthen the supervision of earnings quality of listed companies, improve the efficiency of investment and financing and the healthy and orderly development of capital market.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 辛清泉;林斌;;債務(wù)杠桿與企業(yè)投資:雙重預(yù)算軟約束視角[J];財(cái)經(jīng)研究;2006年07期

2 薛爽;鄭琦;;盈余質(zhì)量與定向增發(fā)股份解鎖后機(jī)構(gòu)投資者的減持行為[J];財(cái)經(jīng)研究;2010年11期

3 崔偉;何一峰;;會(huì)計(jì)信息質(zhì)量與公司投資行為——來(lái)自中國(guó)證券市場(chǎng)的經(jīng)驗(yàn)證據(jù)[J];財(cái)會(huì)通訊(學(xué)術(shù)版);2008年06期

4 王兵;;盈余質(zhì)量與資本成本——來(lái)自中國(guó)上市公司的經(jīng)驗(yàn)證據(jù)[J];管理科學(xué);2008年03期

5 王華;張程睿;;信息不對(duì)稱與IPO籌資成本——來(lái)自中國(guó)一級(jí)市場(chǎng)的經(jīng)驗(yàn)數(shù)據(jù)[J];經(jīng)濟(jì)管理;2005年06期

6 劉昌國(guó);;公司治理機(jī)制、自由現(xiàn)金流量與上市公司過(guò)度投資行為研究[J];經(jīng)濟(jì)科學(xué);2006年04期

7 張勁松,季秀杰;論會(huì)計(jì)信息質(zhì)量對(duì)企業(yè)融資和投資的影響[J];商業(yè)經(jīng)濟(jì);2004年07期

8 張兵,李曉明;中國(guó)股票市場(chǎng)的漸進(jìn)有效性研究[J];經(jīng)濟(jì)研究;2003年01期

9 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

10 魏明海;;會(huì)計(jì)信息質(zhì)量經(jīng)驗(yàn)研究的完善與運(yùn)用[J];會(huì)計(jì)研究;2005年03期

本文編號(hào)：1403680