會計師事務所聲譽、企業(yè)信息披露質量與權益資本成本關系研究
發(fā)布時間：2018-10-24 08:32
【摘要】：資本市場的健康發(fā)展在很大程度上依賴于企業(yè)信息披露能否做到及時、準確、客觀。近年來人們開始關注提高信息披露質量對企業(yè)權益資本成本的影響,同時聲譽好的會計師事務所對企業(yè)信息披露的監(jiān)督作用越來越受到重視,因此本文從外部治理因素的角度出發(fā),研究會計師事務所聲譽與企業(yè)信息披露質量和權益資本成本的關系。本文選取深交所A股主板,剔除ST與金融類企業(yè)后的448家上市公司,運用2013年的橫截面數據進行實證分析。研究結果表明：出具審計報告的會計師事務所聲譽和企業(yè)信息披露質量正相關；企業(yè)信息披露質量與權益資本成本負相關；會計師事務所聲譽并不能直接作用于權益資本成本,信息披露質量在其中起著調節(jié)作用。另外,出具審計報告的會計師事務所聲譽較好時,企業(yè)信息披露質量和權益資本成本相關性更顯著。因此本文建議通過提高我國會計師事務所的整體聲譽水平,提高企業(yè)信息披露質量來降低企業(yè)資本成本,提高企業(yè)效率和業(yè)績。本文主要意義在于對會計師事務所聲譽和信息披露質量的關系進行實證檢驗,充實了現有研究。同時,將會計師事務所聲譽、信息披露質量和權益資本成本歸納到一個模型之中,豐富現有的研究方法�，F實方面,為發(fā)揮會計師事務所外部監(jiān)管作用,提高企業(yè)信息披露質量以降低資本成本提供理論支持和政策建議。
[Abstract]:The healthy development of capital market depends on whether the enterprise information disclosure can be timely, accurate and objective. In recent years, people have begun to pay attention to the influence of improving the quality of information disclosure on the cost of equity capital of enterprises, and at the same time, more and more attention has been paid to the supervisory role of reputable accounting firms on enterprise information disclosure. Therefore, from the perspective of external governance factors, this paper studies the relationship between the reputation of accounting firms and the quality of information disclosure and the cost of equity capital. This paper selects A shares motherboard of Shenzhen Stock Exchange and 448 listed companies after excluding ST and financial enterprises, and makes an empirical analysis by using cross-section data of 2013. The results show that the reputation of the accounting firm issuing audit report is positively related to the quality of enterprise information disclosure, the quality of enterprise information disclosure is negatively related to the cost of equity capital, and the reputation of accounting firm can not directly affect the cost of equity capital. The quality of information disclosure plays a regulating role in it. In addition, when the audit firm has a good reputation, the quality of enterprise information disclosure and the cost of equity capital are more significant. Therefore, this paper proposes to improve the overall reputation of accounting firms in China, improve the quality of enterprise information disclosure to reduce the cost of capital, improve the efficiency and performance of enterprises. The main significance of this paper is to test the relationship between reputation of accounting firms and the quality of information disclosure, which enriches the existing research. At the same time, the reputation of accounting firms, the quality of information disclosure and the cost of equity capital are summed up into a model to enrich the existing research methods. In reality, it provides theoretical support and policy suggestions for bringing into play the role of external supervision of accounting firms and improving the quality of information disclosure in order to reduce the cost of capital.
【學位授予單位】：浙江工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F233
[Abstract]:The healthy development of capital market depends on whether the enterprise information disclosure can be timely, accurate and objective. In recent years, people have begun to pay attention to the influence of improving the quality of information disclosure on the cost of equity capital of enterprises, and at the same time, more and more attention has been paid to the supervisory role of reputable accounting firms on enterprise information disclosure. Therefore, from the perspective of external governance factors, this paper studies the relationship between the reputation of accounting firms and the quality of information disclosure and the cost of equity capital. This paper selects A shares motherboard of Shenzhen Stock Exchange and 448 listed companies after excluding ST and financial enterprises, and makes an empirical analysis by using cross-section data of 2013. The results show that the reputation of the accounting firm issuing audit report is positively related to the quality of enterprise information disclosure, the quality of enterprise information disclosure is negatively related to the cost of equity capital, and the reputation of accounting firm can not directly affect the cost of equity capital. The quality of information disclosure plays a regulating role in it. In addition, when the audit firm has a good reputation, the quality of enterprise information disclosure and the cost of equity capital are more significant. Therefore, this paper proposes to improve the overall reputation of accounting firms in China, improve the quality of enterprise information disclosure to reduce the cost of capital, improve the efficiency and performance of enterprises. The main significance of this paper is to test the relationship between reputation of accounting firms and the quality of information disclosure, which enriches the existing research. At the same time, the reputation of accounting firms, the quality of information disclosure and the cost of equity capital are summed up into a model to enrich the existing research methods. In reality, it provides theoretical support and policy suggestions for bringing into play the role of external supervision of accounting firms and improving the quality of information disclosure in order to reduce the cost of capital.
【學位授予單位】：浙江工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F233
【參考文獻】
相關期刊論文 前2條
1 劉峰;陳杰平;蘇錫嘉;單U喢，
本文編號：2290873
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