【摘要】：一直以來,信息和資本共同構(gòu)成了資本市場(chǎng)中的兩大最基本的要素,市場(chǎng)中的投資者越來越看重上市公司的信息披露水平,而信息披露水平的高低又影響著資本市場(chǎng)中有關(guān)各方的利益關(guān)系。因此,無論是投資者還是公司自身,或是監(jiān)管層都認(rèn)為信息披露質(zhì)量的高低對(duì)權(quán)益資本成本的大小有著非常重要的意義,越來越重視二者之間的關(guān)系。目前已有很多學(xué)者從兩個(gè)主要方面對(duì)此進(jìn)行研究:一個(gè)是從風(fēng)險(xiǎn)角度來研究;另一個(gè)是從流動(dòng)性角度來研究。同時(shí),公司對(duì)外披露信息質(zhì)量的提高,離不開證券分析師。尤其是賣方分析師,他們利用自己的專業(yè)知識(shí)對(duì)公司進(jìn)行專業(yè)的分析和解讀,并且最終以報(bào)告的形式將公司信息源源不斷的對(duì)外輸出,傳遞給資本市場(chǎng)中的投資者,為資本市場(chǎng)中的投資者在進(jìn)行投資決策時(shí)提供有價(jià)值的參考信息。文章同時(shí)采用了理論分析方法和實(shí)證檢驗(yàn)方法。用深交所發(fā)布的上市公司考評(píng)結(jié)果來衡量信息披露質(zhì)量,研究其對(duì)公司權(quán)益資本成本的影響。在此基礎(chǔ)上加入了分析師跟蹤行為這一新變量。研究權(quán)益資本成本在分析師跟蹤行為和信息披露質(zhì)量這兩個(gè)變量的綜合影響下會(huì)產(chǎn)生怎樣的結(jié)果。本文的研究?jī)?nèi)容共分七個(gè)章節(jié)。首先,本文對(duì)相關(guān)的文獻(xiàn)進(jìn)行了梳理與回顧,將此作為文章內(nèi)容的理論支撐,大量的文獻(xiàn)研究已對(duì)信息披露質(zhì)量和權(quán)益資本成本的關(guān)系進(jìn)行了研究,本文中引入了分析師跟蹤變量,通過觀察跟蹤上市公司的分析師人數(shù)來判斷加入了分析師跟蹤行為變量之后,上市公司信息披露質(zhì)量的變化以及由此進(jìn)一步引發(fā)的上市公司權(quán)益資本成本的變化。其次,基于有效市場(chǎng)理論、信息不對(duì)稱理論等理論知識(shí)的分析,對(duì)分析師跟蹤行為、信息披露質(zhì)量、權(quán)益資本成本三者之間的關(guān)系提出相關(guān)假設(shè)。再次,經(jīng)過樣本和變量的選取,建立回歸模型,進(jìn)行多元回歸分析并對(duì)回歸結(jié)果進(jìn)行進(jìn)一步的檢驗(yàn),從而加強(qiáng)了本文的研究結(jié)論。最后,本文的研究結(jié)論表明,分析師跟蹤行為與公司的權(quán)益資本成本之間呈現(xiàn)負(fù)相關(guān),且信息披露質(zhì)量在分析師跟蹤行為和權(quán)益資本成本之間起到中介作用,在本文的最后章節(jié)中根據(jù)前面所述的結(jié)論提出相關(guān)的政策建議。
[Abstract]:All along, information and capital constitute the two most basic elements in the capital market. Investors in the market are paying more and more attention to the level of information disclosure of listed companies. The level of information disclosure affects the interests of all parties in the capital market. Therefore, both investors and companies themselves, as well as regulators, think that the quality of information disclosure is of great significance to the cost of equity capital, and more attention is paid to the relationship between the two. At present, many scholars have studied this from two main aspects: one is from the perspective of risk, the other is from the perspective of liquidity. At the same time, the quality of the company's external disclosure information can not be separated from the securities analysts. In particular, seller analysts, who use their expertise to conduct professional analysis and interpretation of the company, and ultimately in the form of a report of the company's continuous export of information to the investors in the capital market, Provides valuable reference information for investors in capital markets when making investment decisions. At the same time, the paper adopts theoretical analysis method and empirical test method. The evaluation results of listed companies published by Shenzhen Stock Exchange are used to measure the quality of information disclosure and to study its impact on the cost of equity capital. On this basis, the new variable of analyst tracking behavior is added. This paper studies how the cost of equity capital will produce under the combined influence of the two variables of the analysts' tracking behavior and the quality of information disclosure. The research content of this paper is divided into seven chapters. First of all, this paper reviews and reviews the relevant literature, which is regarded as the theoretical support of the article. A large number of literature studies have studied the relationship between the quality of information disclosure and the cost of equity capital. In this paper, the analyst tracking variable is introduced, and the number of analysts tracking the listed company is observed to determine the inclusion of the analyst tracking behavior variable. The change of information disclosure quality of listed company and the change of equity capital cost of listed company. Secondly, based on the analysis of efficient market theory and information asymmetry theory, this paper puts forward some hypotheses about the relationship among the behavior of analyst tracking, the quality of information disclosure and the cost of equity capital. Thirdly, through the selection of samples and variables, the regression model is established, the multivariate regression analysis is carried out and the result of regression is tested further, which strengthens the conclusion of this paper. Finally, the conclusion of this paper shows that there is a negative correlation between the behavior of analyst tracking and the cost of equity capital, and the quality of information disclosure plays an intermediary role between the tracking behavior of analysts and the cost of equity capital. In the last chapter of this paper, the relevant policy recommendations are put forward based on the above conclusions.
【學(xué)位授予單位】：內(nèi)蒙古財(cái)經(jīng)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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