發(fā)布時(shí)間：2018-01-18 06:37

  本文關(guān)鍵詞：會計(jì)師事務(wù)所審計(jì)質(zhì)量對上市公司權(quán)益資本成本影響研究　出處：《北方工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 審計(jì)質(zhì)量 權(quán)益資本成本 盈余質(zhì)量 會計(jì)師事務(wù)所規(guī)模

【摘要】：權(quán)益資本成本是企業(yè)通過發(fā)行股票獲得資金而付出的代價(jià),同時(shí)也是投資者要求的必要報(bào)酬。因此,權(quán)益資本成本的高低不論是對企業(yè)還是對投資者都至關(guān)重要。通過發(fā)行股票進(jìn)行股權(quán)融資具有融資規(guī)模大、融資約束小、財(cái)務(wù)風(fēng)險(xiǎn)小的優(yōu)點(diǎn),因而在實(shí)務(wù)中被眾多企業(yè)所偏好。在理論研究中,權(quán)益資本成本的影響因素眾多,內(nèi)部因素包括公司規(guī)模、產(chǎn)權(quán)性質(zhì)、經(jīng)營及財(cái)務(wù)風(fēng)險(xiǎn)、盈利能力、股票流動性等,外部因素包括系統(tǒng)風(fēng)險(xiǎn)因素、行業(yè)因素、市場監(jiān)管因素等。會計(jì)師事務(wù)所獨(dú)立審計(jì)制度是資本市場中進(jìn)行市場監(jiān)管的重要力量,因而是影響權(quán)益資本成本的重要外部制度因素。本文研究思路是從高審計(jì)質(zhì)量具有增強(qiáng)上市公司會計(jì)信息質(zhì)量、降低投資風(fēng)險(xiǎn)的信息價(jià)值出發(fā),結(jié)合信息相關(guān)理論,提出會計(jì)師事務(wù)所審計(jì)質(zhì)量的提高具有降低上市公司權(quán)益資本成本作用的假設(shè),并進(jìn)一步從產(chǎn)權(quán)性質(zhì)、公司規(guī)模兩個(gè)維度,基于不同產(chǎn)權(quán)性質(zhì)和規(guī)模的上市公司在經(jīng)營目標(biāo)、公司治理、融資約束、破產(chǎn)風(fēng)險(xiǎn)等方面的差異性,探討這些差異對于審計(jì)質(zhì)量降低權(quán)益資本成本作用的影響。文章使用實(shí)證研究方法,選取2012-2015年我國A股上市的393家公司為研究樣本,采用預(yù)測約束較少的OJ模型測算權(quán)益資本成本,采用盈余質(zhì)量和會計(jì)師事務(wù)所規(guī)模兩個(gè)指標(biāo)共同衡量審計(jì)質(zhì)量,對本文的研究觀點(diǎn)進(jìn)行實(shí)證檢驗(yàn)。通過理論分析和實(shí)證檢驗(yàn),得出本文的研究結(jié)論:第一,會計(jì)師事務(wù)所審計(jì)質(zhì)量的提高可以降低上市公司的權(quán)益資本成本,這說明會計(jì)師事務(wù)所獨(dú)立審計(jì)制度在資本市場中的信息鑒證和監(jiān)督作用得到了有效發(fā)揮,獨(dú)立審計(jì)具有經(jīng)濟(jì)價(jià)值;第二,較國有控股上市公司,提高審計(jì)質(zhì)量對權(quán)益資本成本的降低作用在非國有控股上市公司中發(fā)揮的作用更大;較大規(guī)模公司,提高審計(jì)質(zhì)量對權(quán)益資本成本的降低作用在小規(guī)模公司中發(fā)揮的作用更大。本文的研究豐富了權(quán)益資本成本影響因素的研究文獻(xiàn),同時(shí)將資本市場與審計(jì)市場聯(lián)系在一起,對于會計(jì)師事務(wù)所審計(jì)地位的提升,審計(jì)質(zhì)量的提高,審計(jì)質(zhì)量標(biāo)準(zhǔn)的建立都具有積極的意義。
[Abstract]:The cost of equity capital is the enterprise through the issuance of shares to obtain funds and pay necessary remuneration, but also the requirements of investors. Therefore, the cost of equity capital or whether on business or for investors is crucial. Through the issuance of shares of equity financing is financing scale, financing constraints, the advantages of small financial risk, and so on practice is preferred by many enterprises. In the theoretical study, many factors affecting the cost of equity capital, the internal factors include the company size, property rights, business and financial risk, profitability, liquidity and other external factors, including the risk factors, industry factors, market factors and so on. The system of independent audit of CPA firms is an important force in market supervision in the capital market, which is the important factors to influence the external system of cost of equity capital. The research idea of this paper is from High audit quality can enhance the quality of accounting information of listed companies, the value of information to reduce the investment risk of the combination of information theory, put forward to improve the audit quality of listed companies reduce the cost of equity capital effect hypothesis, and further from the nature of property rights, the two dimensions of company size, different properties and scale of listed companies based on business objectives, corporate governance, financing constraints, bankruptcy and risk differences, to explore these differences for the audit quality to reduce the impact of the cost of equity capital. The article makes effect by empirical research method, select the 2012-2015 in China's A shares of 393 listed companies as the research sample, using less predictive constraint OJ model of equity capital the cost of the earnings quality and the scale of accounting firms two indicators to measure the audit quality, the research point of this thesis The empirical test. Through theoretical analysis and empirical test, the conclusion of this article: first, the audit quality can reduce the cost of equity capital of listed companies, the information assurance and supervision function of independent audit system of accounting firms in the capital market has been effective, independent audit has economic value; second, a the state-owned listed companies, improve the audit quality on the cost of equity capital to play a role in reducing non state-owned listed companies in a larger role; large scale company, improve audit quality on the cost of equity capital to play a role in reducing small companies in the greater effect. This study enriches the research literature on Influence Factors of the cost equity capital, while the capital market is in connection with the audit market for audit status of accounting firms up audit The improvement of quality and the establishment of audit quality standards are of positive significance.

【學(xué)位授予單位】：北方工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51;F239.4

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