本文選題：創(chuàng)業(yè)板 + 盈余質(zhì)量�。� 參考：《東北財(cái)經(jīng)大學(xué)》2015年碩士論文

【摘要】：2009年10月30日,隨著28家上市公司在創(chuàng)業(yè)板市場(chǎng)上的公開(kāi)交易,標(biāo)志著我國(guó)創(chuàng)業(yè)板正式成立。創(chuàng)業(yè)板市場(chǎng)作為中小企業(yè)的重要融資渠道,無(wú)論是在推動(dòng)就業(yè)、降低金融風(fēng)險(xiǎn)還是促進(jìn)產(chǎn)業(yè)創(chuàng)新方面都顯得尤為重要。創(chuàng)業(yè)板上市公司的投資效率不僅僅關(guān)系到企業(yè)的發(fā)展經(jīng)營(yíng)狀況,同時(shí)也牽動(dòng)著廣大投資者的切身利益。然而由于盈余操縱案件時(shí)有發(fā)生,使得廣大投資者對(duì)企業(yè)的報(bào)告盈余的真實(shí)性和可靠度產(chǎn)生疑慮。正是這些盈余操縱行為使理論界掀起了對(duì)盈余質(zhì)量進(jìn)行研究的浪潮�，F(xiàn)階段對(duì)盈余質(zhì)量的研究主要集中在計(jì)價(jià)觀、信息觀和契約觀,并沒(méi)有對(duì)盈余質(zhì)量的有用性進(jìn)行系統(tǒng)的研究。本文就“盈余質(zhì)量對(duì)投資效率的影響”這一主題,從資源配置視角,研究資源的有效配置是否可以改善企業(yè)的投資效率；從市場(chǎng)定價(jià)視角,研究有效的價(jià)格是否會(huì)提高企業(yè)的投資效率；從企業(yè)契約觀的角度,研究?jī)?yōu)質(zhì)的盈余管理能否抑制代理人的盈余操縱行為,減少企業(yè)的非效率投資。通過(guò)對(duì)我國(guó)創(chuàng)業(yè)板樣本公司進(jìn)行實(shí)證研究發(fā)現(xiàn),優(yōu)質(zhì)的盈余管理可以減少信息不對(duì)稱的程度以及由此帶來(lái)的融資成本,緩解委托代理矛盾,減少企業(yè)的非效率投資。優(yōu)質(zhì)的盈余管理可以影響企業(yè)的經(jīng)營(yíng)者對(duì)項(xiàng)目的選擇,使更多資金投入到凈值為正的項(xiàng)目中,可以在保護(hù)廣大股東和股民利益的同時(shí)提高企業(yè)的投資效率和社會(huì)的資本配置效率。本文致力于解決創(chuàng)業(yè)板公司投資效率的問(wèn)題。探究盈余特征、操縱性應(yīng)計(jì)利潤(rùn)、自由現(xiàn)金流和資產(chǎn)負(fù)債率與企業(yè)投資效率間的作用路徑�；诖�,選取我國(guó)創(chuàng)業(yè)板市場(chǎng)2011年-2015年244只股票作為研究樣本,通過(guò)對(duì)盈余質(zhì)量進(jìn)行界定,以投資效率為被解釋變量,以盈余質(zhì)量為解釋變量,以自由現(xiàn)金流和資產(chǎn)負(fù)債率作為控制變量,研究盈余質(zhì)量如何對(duì)我國(guó)創(chuàng)業(yè)板上市公司的投資效率產(chǎn)生影響。研究發(fā)現(xiàn),我國(guó)創(chuàng)業(yè)板市場(chǎng)存在顯著地非效率投資,并且是投資過(guò)度現(xiàn)象比較突出。盈余質(zhì)量與創(chuàng)業(yè)板上市公司的投資效率具有顯著正相關(guān)性,尤其盈余的真實(shí)性與企業(yè)投資效率的顯著性關(guān)系最為明顯。研究還發(fā)現(xiàn),盈余質(zhì)量和投資不足樣本的相關(guān)性并不顯著。通過(guò)穩(wěn)健性檢驗(yàn)發(fā)現(xiàn),企業(yè)的所有制結(jié)構(gòu)并不影響盈余質(zhì)量與投資效率之間的關(guān)系。本文的主要?jiǎng)?chuàng)新點(diǎn)包括：第一,從盈余質(zhì)量的角度為創(chuàng)業(yè)板的投資難問(wèn)題提供解決路徑�，F(xiàn)階段從會(huì)計(jì)盈余這一角度研究創(chuàng)業(yè)板投資效率的文獻(xiàn)較少,本文以盈余質(zhì)量作為突破口,對(duì)盈余質(zhì)量與創(chuàng)業(yè)板投資效率之間的關(guān)系進(jìn)行探究。第二,豐富了我國(guó)創(chuàng)業(yè)板市場(chǎng)盈余質(zhì)量的經(jīng)濟(jì)后果。通過(guò)對(duì)盈余質(zhì)量和投資效率等相關(guān)變量的界定,分析盈余質(zhì)量如何作用于投資效率。通過(guò)上述研究,希望有用的數(shù)據(jù)信息能對(duì)創(chuàng)業(yè)板盈余質(zhì)量經(jīng)濟(jì)后果提供新的研究思路和實(shí)證結(jié)果。
[Abstract]:October 30, 2009, with 28 listed companies in the gem market public transactions, marked the establishment of the gem. As an important financing channel for small and medium-sized enterprises, the gem market is particularly important in promoting employment, reducing financial risks and promoting industrial innovation. The investment efficiency of gem listed companies is not only related to the development and management of enterprises, but also affects the vital interests of investors. However, due to earnings manipulation cases, the majority of investors have doubts about the authenticity and reliability of the reported earnings. It is these earnings manipulation behaviors that make the theoretical circle carry on the wave of the earnings quality research. At present, the research on earnings quality is mainly focused on valuation view, information view and contract view, and there is no systematic study on the usefulness of earnings quality. On the theme of "the effect of earnings quality on investment efficiency", this paper studies whether the effective allocation of resources can improve the investment efficiency of enterprises from the perspective of resource allocation, and from the perspective of market pricing, This paper studies whether effective price will improve the investment efficiency of enterprises, and studies whether the high quality earnings management can restrain the agent's earnings manipulation behavior and reduce the inefficient investment from the angle of firm contract. Through empirical research on gem sample companies in China, it is found that high quality earnings management can reduce the degree of information asymmetry and the financing costs brought about by it, ease the contradiction between principal and agency, and reduce the inefficient investment of enterprises. High quality earnings management can affect the choice of projects by the operators of the enterprise, so that more funds can be invested in projects with positive net worth. It can improve the investment efficiency and social capital allocation efficiency while protecting the interests of shareholders and shareholders. This paper is devoted to solving the problem of investment efficiency of gem companies. This paper explores the characteristics of earnings, manipulative accrual profits, free cash flow, asset-liability ratio and investment efficiency. Based on this, 244 stocks in China's gem market from 2011 to 2015 are selected as the research samples. Through the definition of earnings quality, the investment efficiency is taken as the explanatory variable, and the earnings quality is taken as the explanatory variable. Taking free cash flow and asset-liability ratio as control variables, this paper studies how earnings quality affects the investment efficiency of listed companies in gem. It is found that there is significant inefficient investment in the gem market in China, and the phenomenon of excessive investment is more prominent. There is a significant positive correlation between earnings quality and investment efficiency of listed companies in gem, especially between the truthfulness of earnings and the investment efficiency of enterprises. The study also found that the correlation between earnings quality and underinvestment samples is not significant. It is found that the ownership structure does not affect the relationship between earnings quality and investment efficiency. The main innovations of this paper are as follows: first, from the perspective of earnings quality, the paper provides a way to solve the investment problem of gem. At present, there are few literatures on the investment efficiency of gem from the angle of accounting earnings. This paper takes earnings quality as a breakthrough to explore the relationship between earnings quality and investment efficiency of gem. Second, enriched our country growth enterprise market surplus quality the economic consequence. Based on the definition of earnings quality and investment efficiency, this paper analyzes how earnings quality plays an important role in investment efficiency. Through the above research, we hope that the useful data information can provide new research ideas and empirical results on the economic consequences of earnings quality in gem.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F275;F832.51

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本文編號(hào)：2008257