本文選題：中小板 + 盈余質(zhì)量��； 參考：《山東大學》2014年碩士論文

【摘要】：隨著我國經(jīng)濟結(jié)構(gòu)的不斷調(diào)整,中小企業(yè)作為國家經(jīng)濟領(lǐng)域的重要微觀主體,在發(fā)展經(jīng)濟、推動就業(yè)、實現(xiàn)創(chuàng)新等方面發(fā)揮著不容忽視的作用。尤其是自中小板設(shè)立以來,中小企業(yè)的發(fā)展與整個社會的資本配置關(guān)系更為密切,中小板上市公司的投資效率不僅僅影響到企業(yè)的生存壽命,更牽扯到資本市場上的眾多利益相關(guān)者,乃至整個宏觀經(jīng)濟的健康發(fā)展。本文針對現(xiàn)有研究空白,從會計盈余信息的角度出發(fā),探尋盈余質(zhì)量與企業(yè)投資效率之間的作用機制,從盈余質(zhì)量的角度解決中小企業(yè)的投資難題,以期豐富和完善盈余質(zhì)量經(jīng)濟后果,為提高中小板上市公司投資效率提供支撐和建議。 通過文獻分析,針對研究目的,本文認為高質(zhì)量的盈余應(yīng)至少包含三層信息：一是能夠精確反映企業(yè)的真實經(jīng)營業(yè)績,能用以衡量企業(yè)真實的盈利水平；二是能夠具有充足的現(xiàn)金流作為保障,減少應(yīng)計項目尤其是操縱性應(yīng)計項目造成的“盈余泡沫”；三是能夠穩(wěn)定的維系企業(yè)的長遠發(fā)展,幫助企業(yè)的利益相關(guān)者對企業(yè)的未來經(jīng)營狀況和預(yù)期價值做出判斷,以便做出科學的決策。基于此,在信息不對稱理論、委托代理理論和會計盈余功用論的基礎(chǔ)上,對盈余質(zhì)量對投資效率的作用路徑進行了細分,從資源配置、市場定價和企業(yè)契約三方面入手打破了作用“黑箱”,刻畫了全面的盈余質(zhì)量作用路徑框架。基于資本配置視角,盈余質(zhì)量直接影響投資項目的選擇和風險控制；基于市場定價視角,盈余質(zhì)量可以緩解信息不對稱,降低融資成本,提高投資效率；基于企業(yè)契約視角,盈余質(zhì)量可以發(fā)揮監(jiān)督作用,緩解代理沖突,抑制非效率投資。 在此基礎(chǔ)上,本文選用2008年以前上市并在2009-2012年期間持續(xù)經(jīng)營的中小板制造業(yè)上市公司作為研究樣本,從盈余的真實性、盈余的現(xiàn)金流保障性和盈余的非對稱及時性三個角度出發(fā),實證檢驗了盈余質(zhì)量的提高是否有助于提高企業(yè)投資效率、緩解投資不足、抑制投資過度。研究結(jié)果顯示,從整個中小板制造業(yè)上市公司的投資效率看,存在顯著的非效率投資行為,且投資過度現(xiàn)象更為嚴重；而盈余質(zhì)量與中小板上市公司投資效率顯著正相關(guān),盈余質(zhì)量高的企業(yè)投資效率高,且盈余的真實性在這一過程中作用效果最為顯著。受限于資本市場的反應(yīng)速度和投資者的投資慣性,盈余質(zhì)量與中小板上市公司的投資不足之間相關(guān)性并不顯著,但高質(zhì)量的盈余卻能夠有效抑制公司的過度投資行為。因此,為了實現(xiàn)企業(yè)投資效率的提高,應(yīng)該在企業(yè)的運行過程中重視會計盈余質(zhì)量,從會計準則、會計控制、財務(wù)分析、業(yè)績評價、信息披露和中介服務(wù)六方面進行完善,充分發(fā)揮會計信息的計價與監(jiān)督功效,這也是會計信息決策有用性的重要體現(xiàn)。
[Abstract]:With the continuous adjustment of our country ' s economic structure , small and medium - sized enterprises play an important role in developing economy , promoting employment and realizing innovation .

According to the literature analysis , for the purpose of research , this paper believes that the high - quality surplus should contain at least three layers of information : one is the ability to accurately reflect the real business performance of the enterprise , can be used to measure the enterprise ' s true profit level ;
Second , it is possible to have sufficient cash flow as a safeguard to reduce the " surplus foam " caused by the accrual project , in particular the operator ;
Based on the theory of information asymmetry , principal agent theory and accounting earnings utility theory , this paper divides the function path of earnings quality on investment efficiency , then breaks through the role of " black box " from three aspects of resource allocation , market pricing and enterprise contract . Based on the perspective of capital allocation , surplus quality directly affects the choice of investment project and risk control .
Based on the market pricing perspective , the surplus quality can alleviate the information asymmetry , reduce the financing cost and improve the investment efficiency ;
Based on the perspective of enterprise contract , earnings quality can play a supervisory role , mitigate agency conflict and suppress non - efficiency investment .

On the basis of this , the paper selects the small and medium - sized board manufacturing listed companies which are listed on the market before 2008 and continues to operate in the period 2009 - 2012 as the research samples , and empirically tests whether the improvement of the surplus quality contributes to the improvement of the investment efficiency of the enterprises , the relief of the underinvestment and the overinvestment of investment .
Therefore , in order to improve the investment efficiency of enterprises , we should pay more attention to the quality of accounting earnings in the course of the operation of the enterprises . Therefore , in order to realize the improvement of the investment efficiency of the enterprises , we should pay attention to the quality of accounting earnings in the course of the operation of the enterprises , and make full use of the accounting information ' s valuation and supervision efficiency , which is also an important embodiment of the usefulness of accounting information decision - making .

【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275;F276.3

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