發(fā)布時(shí)間：2018-01-12 05:15

  本文關(guān)鍵詞：中國上市公司信息披露質(zhì)量與股權(quán)資本成本敏感度的實(shí)證分析　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 信息披露質(zhì)量 股權(quán)資本成本 產(chǎn)權(quán)性質(zhì) 市場關(guān)注度 股權(quán)集中度 OJ經(jīng)濟(jì)增長模型

【摘要】：本文研究了2010-2012年在深證證券交易所上市的除金融行業(yè)以外的A股企業(yè),借鑒OJ模型,對(duì)中國上市公司的內(nèi)涵股權(quán)資本成本進(jìn)行估算,并對(duì)上市公司的信息披露質(zhì)量與股權(quán)資本成本之間的關(guān)系進(jìn)行測度。旨在檢驗(yàn)于美國等發(fā)達(dá)資本市場上所存在的信息披露質(zhì)量與股權(quán)資本成本負(fù)相關(guān)的關(guān)系在中國新興市場上是否存在,以及源自企業(yè)自身產(chǎn)權(quán)性質(zhì)、股權(quán)集中度及市場關(guān)注度對(duì)信息披露質(zhì)量和股權(quán)資本成本兩者關(guān)系的影響。本文的實(shí)證結(jié)果發(fā)現(xiàn),在中國市場中上市公司信息披露質(zhì)量與股權(quán)資本成本之間的負(fù)相關(guān)關(guān)系是非常顯著的,尤其以主板企業(yè)的負(fù)相關(guān)程度最高,除去中小板、創(chuàng)業(yè)板企業(yè)自身特殊性之外,還涉及投資者對(duì)信息披露質(zhì)量的接收、認(rèn)可,并用以進(jìn)行投資決策的前提條件。此外,非國有企業(yè)雖然承受的平均股權(quán)資本成本更高,但提高信息披露質(zhì)量,市場敏感度較高,對(duì)股權(quán)資本成本中風(fēng)險(xiǎn)溢價(jià)部分降低的效果更為明顯；同樣的,股權(quán)集中度較低、市場關(guān)注度較低的上市公司也具有較高的關(guān)于信息披露質(zhì)量的敏感度。研究結(jié)論有助于增加企業(yè)提升信息披露質(zhì)量的動(dòng)機(jī),促進(jìn)市場有效發(fā)展；同時(shí)有助于不同上市板塊、不同背景的公司選擇最恰當(dāng)?shù)男畔⑴冻潭?最大化股權(quán)利益。
[Abstract]:This paper studies the A-share companies listed on Shenzhen Stock Exchange from 2010-2012, except the financial industry. Using OJ model for reference, this paper estimates the connotation equity capital cost of Chinese listed companies. The purpose of this paper is to test the negative correlation between the quality of information disclosure and the cost of equity capital in the developed capital markets such as the United States. Whether there are emerging markets in China. And from the nature of enterprise property rights, equity concentration and market concern on the quality of information disclosure and the impact of the relationship between the cost of equity capital. The empirical results of this paper found. In the Chinese market, the negative correlation between the quality of information disclosure and the cost of equity capital is very significant, especially in the main board enterprises with the highest negative correlation, excluding the small and medium-sized board. In addition to the particularity of gem enterprises, it also involves investors' acceptance and approval of the quality of information disclosure, and the prerequisite for investment decision-making. Although the average cost of equity capital of non-state-owned enterprises is higher, but improving the quality of information disclosure, the market sensitivity is higher, and the effect of reducing the risk premium in the cost of equity capital is more obvious. Similarly, the listed companies with low equity concentration and low market attention also have higher sensitivity on the quality of information disclosure. The conclusion of the study helps to increase the motivation of enterprises to improve the quality of information disclosure. To promote the effective development of the market; At the same time, it helps companies with different listed sectors and different backgrounds to choose the most appropriate degree of information disclosure and maximize equity interests.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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相關(guān)期刊論文 前1條

1 方紅星;施繼坤;張廣寶;;產(chǎn)權(quán)性質(zhì)、信息質(zhì)量與公司債定價(jià)——來自中國資本市場的經(jīng)驗(yàn)證據(jù)[J];金融研究;2013年04期

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本文編號(hào)：1412840