本文選題：創(chuàng)業(yè)板上市公司　切入點(diǎn)：信息披露質(zhì)量　出處：《南京財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：在我國經(jīng)濟(jì)快速增長和證券市場不斷完善的大背景下,上市公司的信息披露越發(fā)凸顯其重要性,作為連結(jié)資本市場和上市公司的重要紐帶和橋梁,上市公司的信息披露成為緩解逆向選擇、道德風(fēng)險(xiǎn)和信息不對稱問題的重要工具,影響著資本市場的效率以及社會資源的配置。因此,提高上市公司信息披露質(zhì)量對我國資本市場的健康發(fā)展至關(guān)重要,信息披露理論研究也日益成為現(xiàn)代公司財(cái)務(wù)理論研究的熱點(diǎn),而信息披露與股權(quán)融資成本的關(guān)系更是其中核心的問題。國內(nèi)外學(xué)者的諸多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。本文在前人已有的研究基礎(chǔ)上,探究我國創(chuàng)業(yè)板上市公司的信息披露質(zhì)量與其股權(quán)融資成本的關(guān)系,希望通過對此進(jìn)行的研究,探索降低創(chuàng)業(yè)板上市公司的股權(quán)融資成本的方法。本文首先回顧和總結(jié)了國內(nèi)外對信息披露質(zhì)量與股權(quán)融資成本的相關(guān)研究文獻(xiàn),然后對上市公司信息披露質(zhì)量和股權(quán)融資成本的概念進(jìn)行闡述并分析了對二者進(jìn)行量化的方法和模型的優(yōu)劣,結(jié)合現(xiàn)代財(cái)務(wù)理論挖掘二者的作用機(jī)制,在此基礎(chǔ)上運(yùn)用實(shí)證研究方法從直接和間接兩個(gè)角度探究二者之間的影響關(guān)系。經(jīng)過實(shí)證分析,得出以下結(jié)論：第一,直接研究的視角下,創(chuàng)業(yè)板上市公司的信息披露質(zhì)量的提高有利于降低股權(quán)融資成本；第二,間接角度的視角下,創(chuàng)業(yè)板上市公司信息披露質(zhì)量與股票換手率變量呈現(xiàn)出顯著的正相關(guān)關(guān)系,結(jié)合股票換手率較高的公司股權(quán)融資成本較低的結(jié)論,間接說明提高創(chuàng)業(yè)板上市公司信息披露質(zhì)量可以降低其股權(quán)融資成本。本文的主要貢獻(xiàn)在于以2010-2012年深圳證券交易所創(chuàng)業(yè)板板上市公司的數(shù)據(jù)為研究樣本,從直接和間接兩個(gè)視角下探究提高創(chuàng)業(yè)板上市公司信息披露質(zhì)量對于降低股權(quán)融資成本的作用。針對實(shí)證結(jié)果,結(jié)合我國創(chuàng)業(yè)板上市公司實(shí)際情況,從四個(gè)方面提出了相關(guān)的政策性建議。
[Abstract]:Under the background of the rapid economic growth and the continuous improvement of the securities market, the information disclosure of the listed companies has become more and more important, as an important link and bridge between the capital market and the listed companies. Information disclosure of listed companies has become an important tool to alleviate adverse selection, moral hazard and information asymmetry, which affects the efficiency of capital market and the allocation of social resources. To improve the quality of information disclosure of listed companies is very important to the healthy development of capital market in China. The relationship between information disclosure and the cost of equity financing is the core of the problem. Many domestic and foreign scholars have also proved that there is a significant relationship between the quality of information disclosure and the cost of equity financing. This paper explores the relationship between the quality of information disclosure and the cost of equity financing of listed companies in the gem. This paper first reviews and summarizes the research literature on the quality of information disclosure and the cost of equity financing at home and abroad. Then, the concepts of information disclosure quality and equity financing cost of listed companies are expounded, and the advantages and disadvantages of the methods and models of quantification are analyzed, and the mechanism of the two is excavated in combination with modern financial theory. On the basis of this, we use the empirical research method to explore the influence relationship between the two from the direct and indirect angles. Through the empirical analysis, we draw the following conclusions: first, from the perspective of direct research, The improvement of information disclosure quality of gem companies is helpful to reduce the cost of equity financing. Secondly, from the perspective of indirect perspective, the quality of information disclosure and stock turnover rate variables of gem listed companies show a significant positive correlation. Combining with the conclusion that the share financing cost of the company with higher stock turnover rate is lower, The main contribution of this paper is to take the data of the gem listed companies from 2010 to 2012 as the research sample. From both direct and indirect perspectives, this paper explores the effect of improving the quality of information disclosure of gem listed companies on reducing the cost of equity financing. According to the empirical results, combined with the actual situation of gem listed companies in China, Put forward the relevant policy suggestions from four aspects.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 季健;;我國上市公司股權(quán)融資成本的實(shí)證研究[J];會計(jì)之友(下旬刊);2006年10期

2 高梁宇;伊?xí)赞?;分析師跟進(jìn)與公司股權(quán)融資成本[J];經(jīng)營管理者;2010年06期

3 童巧賽;朱惠芹;;中小板上市公司股權(quán)融資成本的統(tǒng)計(jì)分析[J];現(xiàn)代物業(yè)(中旬刊);2010年06期

4 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

5 張艷鳳;;論股權(quán)融資成本的影響因素[J];唐山學(xué)院學(xué)報(bào);2007年03期

6 晏艷陽;劉_";彭敏;;信息披露質(zhì)量對股權(quán)融資成本的影響分析[J];證券市場導(dǎo)報(bào);2008年04期

7 黃新建;石永靜;;上市公司投資者關(guān)系管理水平與股權(quán)融資成本[J];商業(yè)研究;2009年12期

8 范海峰;胡玉明;;機(jī)構(gòu)投資者持股與公司股權(quán)融資成本的實(shí)證研究[J];經(jīng)濟(jì)與管理研究;2010年02期

9 魏卉;楊興全;;終極控股股東、兩權(quán)分離與股權(quán)融資成本[J];經(jīng)濟(jì)與管理研究;2011年02期

10 楊興全;魏卉;;股權(quán)融資成本影響因素綜述與啟示[J];新疆農(nóng)墾經(jīng)濟(jì);2011年08期

相關(guān)會議論文 前2條

1 魏卉;吳昊e，

本文編號：1582438