本文選題：會(huì)計(jì)穩(wěn)健性 + 股權(quán)融資成本　； 參考：《西安理工大學(xué)》2017年碩士論文

【摘要】：會(huì)計(jì)信息質(zhì)量一直是會(huì)計(jì)界關(guān)注的焦點(diǎn),企業(yè)的外部投資者對(duì)企業(yè)信息的風(fēng)險(xiǎn)程度越來越重視,投資者會(huì)要求企業(yè)信息更加真實(shí)、透明和公開化,從而掀起了人們對(duì)會(huì)計(jì)穩(wěn)健性新一輪的重視。就目前國內(nèi)的發(fā)展形勢而言,股權(quán)融資是企業(yè)籌集資金的主要途徑,股權(quán)融資成本成為財(cái)務(wù)管理領(lǐng)域的重要概念之一。股權(quán)融資成本的高低,會(huì)受到企業(yè)多方面的影響。企業(yè)的會(huì)計(jì)信息質(zhì)量也是影響股權(quán)融資成本的重要因素。因此會(huì)計(jì)穩(wěn)健性會(huì)對(duì)股權(quán)融資成本產(chǎn)生怎樣的影響,以及具體是通過哪些因素對(duì)其產(chǎn)生影響,即本文的主要研究內(nèi)容就是探究二者之間的關(guān)系及二者間的路徑。本文首先對(duì)相關(guān)領(lǐng)域的理論及文獻(xiàn)綜述的相關(guān)內(nèi)容進(jìn)行理論分析。然后提出以股票流動(dòng)性、公司價(jià)值和公司治理作為會(huì)計(jì)穩(wěn)健性和股權(quán)融資成本的中間介質(zhì),通過建立VAR模型,進(jìn)行Granger因果檢驗(yàn)、脈沖響應(yīng)函數(shù)和方差分解,檢驗(yàn)會(huì)計(jì)穩(wěn)健性是否能夠通過股票流動(dòng)性、公司價(jià)值和公司治理對(duì)股權(quán)融資成本產(chǎn)生傳導(dǎo)作用并且對(duì)會(huì)計(jì)穩(wěn)健性和股權(quán)融資成本二者間關(guān)系進(jìn)行分析。以在滬深兩市進(jìn)行交易的A股作為研究對(duì)象,選取2006年1月-2016年9月作為樣本區(qū)間,采用季度數(shù)據(jù),經(jīng)過數(shù)據(jù)的整理和篩選總共選擇了1165家樣本公司作為研究樣本,進(jìn)行實(shí)證檢驗(yàn)。經(jīng)實(shí)證檢驗(yàn)發(fā)現(xiàn),我國上市公司的會(huì)計(jì)信息穩(wěn)健性普遍存在,并且成為我國上市企業(yè)財(cái)務(wù)報(bào)告不可或缺的特征之一。股票流動(dòng)性在會(huì)計(jì)穩(wěn)健性與股權(quán)融資成本的關(guān)系中具有中介效應(yīng),會(huì)計(jì)穩(wěn)健性正向影響“股票流動(dòng)性”進(jìn)而降低股權(quán)融資成本。公司價(jià)值在會(huì)計(jì)穩(wěn)健性與股權(quán)融資成本的關(guān)系中具有中介效應(yīng),會(huì)計(jì)穩(wěn)健性正向影響“公司價(jià)值,,進(jìn)而降低股權(quán)融資成本。會(huì)計(jì)穩(wěn)健性與公司治理的因果關(guān)系倒置,且公司治理與股權(quán)融資成本不存在因果關(guān)系。最后進(jìn)行了基于房地產(chǎn)行業(yè)的檢驗(yàn)。選擇2016年我國房地產(chǎn)行業(yè)上市公司的數(shù)據(jù)作為檢驗(yàn)樣本,運(yùn)用橫向?qū)Ρ鹊姆椒▽?duì)會(huì)計(jì)穩(wěn)健性水平和股權(quán)融資成本間呈負(fù)相關(guān)這一結(jié)論進(jìn)行驗(yàn)證。
[Abstract]:The quality of accounting information has always been the focus of attention in the accounting field. External investors of enterprises pay more and more attention to the degree of risk of enterprise information. Investors will demand that the information of enterprises be more true, transparent and open. Thus set off a new round of attention to accounting conservatism. As far as the current domestic development situation is concerned, equity financing is the main way for enterprises to raise funds, and the cost of equity financing has become one of the most important concepts in the field of financial management. The cost of equity financing will be affected by many aspects of the enterprise. The quality of accounting information is also an important factor affecting the cost of equity financing. So how does accounting conservatism affect the cost of equity financing, and through which factors, the main research content of this paper is to explore the relationship between the two and the path between them. In this paper, the theory of related fields and literature review of the relevant content of theoretical analysis. Then, taking stock liquidity, corporate value and corporate governance as the intermediate medium of accounting conservatism and equity financing cost, through establishing VAR model, Granger causality test, impulse response function and variance decomposition are proposed. This paper examines whether accounting conservatism can conduct equity financing costs through stock liquidity, corporate value and corporate governance, and analyzes the relationship between accounting conservatism and equity financing costs. Taking A shares traded in Shanghai and Shenzhen stock markets as the research object, this paper selects 1165 sample companies as the research samples from January 2006 to September 2016, using quarterly data. Carry on the empirical test. It is found that the accounting information conservatism of listed companies in our country is universal and has become one of the indispensable characteristics of financial reports of listed companies in our country. Stock liquidity plays an intermediary role in the relationship between accounting conservatism and the cost of equity financing. Accounting conservatism positively affects "stock liquidity" and then reduces the cost of equity financing. Corporate value plays an intermediary role in the relationship between accounting conservatism and the cost of equity financing. Accounting conservatism has a positive effect on the value of the company, thus reducing the cost of equity financing. The causal relationship between accounting conservatism and corporate governance is reversed, and there is no causal relationship between corporate governance and equity financing costs. Finally, the test based on the real estate industry is carried out. The data of listed companies in China's real estate industry in 2016 are selected as test samples, and the conclusion that there is a negative correlation between accounting conservatism and equity financing costs is verified by the method of horizontal comparison.
【學(xué)位授予單位】：西安理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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