本文選題：信息披露　切入點(diǎn)：投資者信心　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著中國資本市場(chǎng)的發(fā)展，信息披露被越來越多的投資者重視，并逐步成為投資決策的重要依據(jù)。良好的信息披露有利于降低市場(chǎng)中的信息不對(duì)稱問題，可以節(jié)約交易成本，并保護(hù)企業(yè)利益相關(guān)者的切身利益。同時(shí)，良好的信息披露體系對(duì)管理者的道德風(fēng)險(xiǎn)問題以及投資者逆向選擇問題都有一定的抑制作用，并保護(hù)投資者對(duì)企業(yè)的信心。投資者信心是投資者進(jìn)行股權(quán)投資的根本保證，穩(wěn)定投資者信心對(duì)于資本市場(chǎng)的平穩(wěn)發(fā)展有著重要的意義。研究投資者信心對(duì)于資本成本的影響有利于提振企業(yè)管理投資者信心，穩(wěn)定股票價(jià)值，增加投資者的忠誠度。中國的資本市場(chǎng)尚處在高速發(fā)展階段，信息披露和投資者信心的作用顯得尤為明顯。企業(yè)可以通過提高信息披露水平贏得投資者信心。投資者信心的提振繼而降低企業(yè)的股權(quán)資本成本，達(dá)到提升企業(yè)競(jìng)爭(zhēng)力的目的。 本文以信息披露，投資者信心和股權(quán)資本成本為主題，基于理論研究和深證主板，中小板和創(chuàng)業(yè)板的數(shù)據(jù)，進(jìn)行實(shí)證檢驗(yàn)，以探索三者關(guān)系�，F(xiàn)階段研究中，有關(guān)投資者信心的實(shí)證研究多采用宏觀指標(biāo)來代理整個(gè)市場(chǎng)的投資者信心，如央視看盤，消費(fèi)者信心指數(shù)等。本文則通過對(duì)微觀指標(biāo)進(jìn)行的主成分分析的方法，構(gòu)建了每個(gè)上市公司的微觀投資者信心指數(shù)。并以此代理投資者對(duì)該上市公司的投資者信心。并采用深交所對(duì)信息披露水平的評(píng)級(jí)作為信息披露水平的代理變量，采用PEG法估算企業(yè)資本成本。本文的實(shí)證研究結(jié)論如下，信息披露質(zhì)量越高，投資者對(duì)該企業(yè)的投資者信心越強(qiáng)，該企業(yè)的股權(quán)資本成本就越低。企業(yè)信息披露水平的提高可以通過投資者信心，降低該企業(yè)的股權(quán)資本成本。作者希望能夠通過探究信息披露和投資者信心以及投資者信心與資本成本的關(guān)系，，提出減少投資者信心波動(dòng)的理論支持。進(jìn)而合理地發(fā)展資本市場(chǎng)，保持資本市場(chǎng)的健康。在資本市場(chǎng)健康的大前提下，各企業(yè)通過提高其信息披露水平，可以提振個(gè)別投資者的信心，進(jìn)而降低該企業(yè)的資本成本，提高企業(yè)的財(cái)務(wù)競(jìng)爭(zhēng)力。
[Abstract]:With the development of China's capital market, more and more investors attach importance to information disclosure, and gradually become an important basis for investment decision-making. Good information disclosure is conducive to reduce the information asymmetry in the market, and can save transaction costs. At the same time, a good information disclosure system can restrain the moral hazard of managers and the adverse selection of investors. And to protect investors' confidence in the enterprise. Investor confidence is the fundamental guarantee for investors to invest in equity. Stability of investor confidence is of great significance to the steady development of capital market. Studying the influence of investor confidence on capital cost will help to boost the confidence of enterprise management investors and stabilize the stock value. Increasing the loyalty of investors. China's capital market is still at a stage of rapid development. The effect of information disclosure and investor confidence is particularly obvious. Enterprises can win investor confidence by improving the level of information disclosure. The boost of investor confidence and then reduce the cost of equity capital to achieve the purpose of enhancing the competitiveness of enterprises. Based on the information disclosure, investor confidence and the cost of equity capital, and based on the theoretical research and the data of Shenzhen main Board, small and medium-sized board and gem, this paper makes an empirical test to explore the relationship between them. The empirical research on investor confidence mostly uses macro index to represent the investor confidence of the whole market, such as CCTV, consumer confidence index and so on. The micro-investor confidence index of each listed company is constructed, and the investor confidence of the listed company is represented by the index. The rating of the information disclosure level of Shenzhen Stock Exchange is used as the proxy variable of the information disclosure level. PEG method is used to estimate the capital cost of the enterprise. The conclusion of this paper is as follows: the higher the quality of information disclosure, the stronger the investor confidence in the enterprise. The lower the cost of equity capital, the higher the level of disclosure can be through investor confidence. The author hopes to explore the relationship between information disclosure and investor confidence, as well as the relationship between investor confidence and capital cost. This paper puts forward the theoretical support to reduce the fluctuation of investor confidence, and then develops the capital market reasonably and keeps the capital market healthy. Under the premise of the healthy capital market, each enterprise improves its level of information disclosure. It can boost the confidence of individual investors, and then reduce the cost of capital and improve the financial competitiveness of the enterprise.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

【引證文獻(xiàn)】

相關(guān)期刊論文 前1條

1 陳琪;;上市公司財(cái)務(wù)信息披露質(zhì)量對(duì)股權(quán)資本成本的影響研究[J];現(xiàn)代經(jīng)濟(jì)信息;2015年21期

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