【摘要】：21世紀(jì)以來(lái)，財(cái)務(wù)舞弊、信息披露舞弊丑聞以及“次貸危機(jī)”的發(fā)生使上市公司信息透明度成為資本市場(chǎng)關(guān)注的焦點(diǎn)。規(guī)范上市公司信息披露行為，提高上市公司信息透明度，是證券監(jiān)管和保障投資者權(quán)益的基本要求，也是資本市場(chǎng)穩(wěn)定發(fā)展的必要條件，更是促進(jìn)經(jīng)濟(jì)健康發(fā)展的前提。“信息透明度”一詞在學(xué)術(shù)界引起廣泛的關(guān)注，并且上市公司信息透明度提高的經(jīng)濟(jì)后果，無(wú)論是對(duì)上市公司和外部投資者，還是對(duì)資本市場(chǎng)本身都有著極大的意義。 關(guān)于信息透明度的經(jīng)濟(jì)后果，論文選取了較有代表性的兩個(gè)方面作為研究對(duì)象，它們分別是權(quán)益資本成本和經(jīng)營(yíng)績(jī)效。整篇論文從上市公司信息透明度經(jīng)濟(jì)后果的研究背景出發(fā)，闡述了研究的目的、思路與方法、內(nèi)容與框架，綜合論述了國(guó)內(nèi)外信息透明度對(duì)權(quán)益資本成本、信息透明度對(duì)經(jīng)營(yíng)績(jī)效的研究現(xiàn)狀，并探討了上市公司信息透明度經(jīng)濟(jì)后果的理論基礎(chǔ)和制度背景。 關(guān)于信息透明度如何度量，論文選用深圳證券交易所對(duì)上市公司的信息披露考評(píng)結(jié)果作為信息透明度的度量指標(biāo)，在選定了信息透明度的度量指標(biāo)后，論文通過(guò)實(shí)證的方法研究了上市公司信息透明度對(duì)權(quán)益資本成本、上市公司信息透明度對(duì)經(jīng)營(yíng)績(jī)效的影響。其中，權(quán)益資本成本采用OJ模型計(jì)算得出，經(jīng)營(yíng)績(jī)效使用主成分分析法計(jì)算得出的綜合績(jī)效得分來(lái)衡量。 通過(guò)理論和實(shí)證分析，論文得出的結(jié)論是：首先，上市公司信息透明度與以0J模型計(jì)算出來(lái)的權(quán)益資本成本之間存在顯著的負(fù)相關(guān)關(guān)系，即上市公司信息透明度越高，其權(quán)益資本成本越低；其次，最終控制人性質(zhì)會(huì)制約信息透明度對(duì)權(quán)益資本成本的影響，國(guó)有公司和非國(guó)有公司的信息透明度均對(duì)權(quán)益資本成本存在顯著負(fù)向影響，但是對(duì)非國(guó)有公司的影響更顯著；再次，上市公司信息透明度與以綜合績(jī)效得分衡量的公司經(jīng)營(yíng)績(jī)效顯著正相關(guān)，，即上市公司信息透明度越高，其經(jīng)營(yíng)績(jī)效越好、盈利能力越強(qiáng)。 基于上述研究，論文提出應(yīng)進(jìn)一步提高上市公司信息透明度，并分別從上市公司和證券監(jiān)管的角度提出相關(guān)的政策建議。
[Abstract]:Since the 21st century, financial fraud, information disclosure fraud scandal and the occurrence of "subprime crisis" make the information transparency of listed companies become the focus of attention in the capital market. Standardizing the behavior of information disclosure of listed companies and improving the information transparency of listed companies are the basic requirements of securities supervision and protection of investors' rights and interests, as well as the necessary conditions for the stable development of the capital market and the premise of promoting the healthy development of the economy. The term "information transparency" has aroused widespread concern in academic circles, and the economic consequences of improving the information transparency of listed companies are of great significance to both listed companies and external investors, as well as to the capital market itself. As to the economic consequence of information transparency, the thesis chooses two representative aspects as the research object, which are the cost of equity capital and the operating performance. Starting from the background of the research on the economic consequences of information transparency of listed companies, this paper expounds the purpose, ideas and methods, contents and framework of the research, and comprehensively discusses the impact of information transparency at home and abroad on the cost of equity capital. The present situation of information transparency on business performance is discussed, and the theoretical basis and institutional background of the economic consequences of information transparency of listed companies are discussed. As to how to measure information transparency, the paper chooses the information disclosure evaluation result of Shenzhen Stock Exchange as the measurement index of information transparency, and after selecting the measurement index of information transparency, This paper studies the effect of information transparency on the cost of equity capital and the information transparency of listed companies on the performance of listed companies by empirical method. Among them, the cost of equity capital is calculated by OJ model, and the operating performance is measured by the comprehensive performance score calculated by principal component analysis. Through theoretical and empirical analysis, the paper draws the following conclusions: first, there is a significant negative correlation between the information transparency of listed companies and the cost of equity capital calculated by 0J model, that is, the higher the information transparency of listed companies, the higher the information transparency of listed companies. The lower the cost of equity capital is, the lower the cost of equity capital is. Secondly, the effect of information transparency on the cost of equity capital is restricted by the nature of ultimate controller, and the information transparency of both state-owned and non-state-owned companies has a significant negative impact on the cost of equity capital. But the impact on non-state-owned companies is more significant. Thirdly, the information transparency of listed companies is significantly correlated with the operating performance measured by comprehensive performance score, that is, the higher the information transparency of listed companies, the better their operating performance. The more profitable. Based on the above research, the paper proposes that the information transparency of listed companies should be further improved, and puts forward relevant policy recommendations from the perspective of listed companies and securities supervision respectively.
【學(xué)位授予單位】：中國(guó)礦業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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