本文關(guān)鍵詞： 環(huán)境不確定性 會(huì)計(jì)信息質(zhì)量 投資效率 融資效率　出處：《浙江理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：投資、融資效率是影響企業(yè)經(jīng)營(yíng)成果的重大因素。高效率的融資是企業(yè)進(jìn)行投資及其他經(jīng)營(yíng)活動(dòng)的重要保障,高效率的投資能夠?yàn)槠髽I(yè)帶來(lái)良好的現(xiàn)金流回報(bào)。微觀環(huán)境的不確定性會(huì)給企業(yè)帶來(lái)經(jīng)營(yíng)和財(cái)務(wù)風(fēng)險(xiǎn),對(duì)企業(yè)的投資及融資效率造成負(fù)向影響。面對(duì)這種情況,企業(yè)通過(guò)提高會(huì)計(jì)信息質(zhì)量可以降低與利益相關(guān)者的信息不對(duì)稱程度,降低外部投資者所要求的風(fēng)險(xiǎn)溢價(jià)及內(nèi)部管理者追求私利產(chǎn)生的道德風(fēng)險(xiǎn),從而對(duì)外提高融資效率,對(duì)內(nèi)提高投資效率。本文首先對(duì)環(huán)境不確定性、會(huì)計(jì)信息質(zhì)量、投資、融資效率的內(nèi)涵展開(kāi)分析,并主要借助信號(hào)傳遞理論、信息不對(duì)稱理論、委托代理理論等解釋變量間的邏輯關(guān)系。環(huán)境不確定性主要通過(guò)增加了信息不對(duì)稱及企業(yè)經(jīng)營(yíng)風(fēng)險(xiǎn),從而降低了企業(yè)投、融資效率。會(huì)計(jì)信息質(zhì)量的提高卻能通過(guò)信號(hào)傳遞方式降低信息不對(duì)稱程度。因此本文引入會(huì)計(jì)信息質(zhì)量,探討其對(duì)環(huán)境不確定性與投資、融資效率中的作用。本文以深交所323家上市公司2009-2015年數(shù)據(jù)為研究對(duì)象,構(gòu)建多元回歸模型,通過(guò)相關(guān)、回歸等數(shù)據(jù)分析得出相應(yīng)結(jié)論并做出政策建議。本文采用銷售收入的變異系數(shù)來(lái)衡量環(huán)境不確定性,采用Richardson(2006)模型對(duì)投資效率進(jìn)行測(cè)量,同時(shí)采用加權(quán)平均融資成本的大小來(lái)反映企業(yè)融資效率。本文經(jīng)過(guò)理論分析與實(shí)證檢驗(yàn),得出以下結(jié)論:環(huán)境不確定性與企業(yè)投資、融資效率呈顯著負(fù)相關(guān)關(guān)系;會(huì)計(jì)信息質(zhì)量與企業(yè)投資、融資效率呈顯著正相關(guān)關(guān)系;高質(zhì)量的會(huì)計(jì)信息能夠緩解環(huán)境不確定性對(duì)企業(yè)投融資效率帶來(lái)的負(fù)向影響,起到調(diào)節(jié)作用。本文通過(guò)理論分析,發(fā)現(xiàn)環(huán)境不確定性對(duì)企業(yè)投資或者融資的影響,都可以借助信息不對(duì)稱理論來(lái)解釋,因此,本文將環(huán)境不確定性、會(huì)計(jì)信息質(zhì)量與投融資效率放在一個(gè)概念框架下研究,具體分析變量間的相互關(guān)系,希望企業(yè)在處于不確定性的環(huán)境中,也可以通過(guò)自身行為的調(diào)整來(lái)較好的保持投資效率及融資效率。
[Abstract]:The efficiency of investment and financing is an important factor affecting the business achievement of an enterprise. Efficient financing is an important guarantee for an enterprise to carry out investment and other business activities. High efficiency investment can bring good cash flow return for enterprises. The uncertainty of micro environment will bring business operation and financial risk, and have a negative impact on the investment and financing efficiency of enterprises. In the face of this situation, By improving the quality of accounting information, enterprises can reduce the degree of information asymmetry with stakeholders, reduce the risk premium required by external investors and the moral hazard caused by internal managers' pursuit of private interests, so as to improve the efficiency of external financing. Firstly, this paper analyzes the connotation of environmental uncertainty, accounting information quality, investment and financing efficiency, and mainly makes use of signal transmission theory, information asymmetry theory, etc. Principal-agent theory explains the logical relationship between variables. Environmental uncertainty reduces enterprise investment by increasing information asymmetry and business risk. Financing efficiency. The improvement of accounting information quality can reduce the degree of information asymmetry by means of signal transmission. Therefore, this paper introduces the quality of accounting information, and discusses its uncertainty and investment to the environment. Based on the data of 323 listed companies in Shenzhen Stock Exchange from 2009 to 2015, this paper constructs a multivariate regression model. In this paper, the coefficient of variation of sales income is used to measure environmental uncertainty, and Richardson's 2006) model is used to measure the investment efficiency. At the same time, the weighted average financing cost is used to reflect the enterprise financing efficiency. Through theoretical analysis and empirical test, this paper draws the following conclusions: environmental uncertainty and enterprise investment, financing efficiency has a significant negative correlation; Accounting information quality has a significant positive correlation with enterprise investment and financing efficiency, and high quality accounting information can alleviate the negative impact of environmental uncertainty on enterprise investment and financing efficiency and play a regulatory role. It is found that the influence of environmental uncertainty on enterprise investment or financing can be explained by information asymmetry theory. Therefore, this paper studies environmental uncertainty, accounting information quality and investment and financing efficiency in a conceptual framework. By analyzing the relationship between variables, it is hoped that enterprises can maintain their investment efficiency and financing efficiency through the adjustment of their own behavior in the uncertain environment.
【學(xué)位授予單位】：浙江理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275

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