本文選題：會計信息質(zhì)量 + 會計信息披露��； 參考：《西南財經(jīng)大學(xué)》2014年碩士論文

【摘要】：2009年3月,時任國務(wù)院總理的溫家寶同志在會見中外記者時,就已經(jīng)明確提出：“面對金融危機,信心要比黃金和貨幣還要重要”。從2001年的美國安然事件到2008年的全球金融危機,上市公司會計信息失真給企業(yè)經(jīng)營和資本市場建設(shè)都帶來了不少慘痛教訓(xùn),這一系列的丑聞,嚴(yán)重打擊了投資者對資本市場的信心。在我國的上市公司中,會計信息失真的情況也屢屢發(fā)生,造假手段也越發(fā)隱蔽和惡劣。近一段時間以來,我國股市一度持續(xù)低迷,甚至一度跌穿了“鉆石底”,投資者怨聲載道,其中不免同資本市場中充斥著各類虛假信息以及上市公司隨意操縱利潤有關(guān)。歷史的教訓(xùn)不容忽視,眾所周知,當(dāng)代經(jīng)濟在很大程度上是信用經(jīng)濟,從根本上說就是信心經(jīng)濟,資本市場的穩(wěn)定與發(fā)展需要依靠廣大投資者的共同參與,加強對上市公司會計信息質(zhì)量的監(jiān)督與把關(guān),是提升投資者信心、保護投資者切身利益的有力途徑。在這樣的背景下,保持和提振投資者信心,成為了我國資本市場獲得繁榮發(fā)展的重要前提。 會計信息是資本市場中一項極其重要的因素,能夠有效地將資本市場中的各種角色連接起來。投資者需要依靠高質(zhì)量的上市公司會計信息,做出最有價值的投資決策,這是因為,只有在獲取高質(zhì)量會計信息的情況下,投資者才能夠?qū)ι鲜泄镜奈磥硎找婧惋L(fēng)險進(jìn)行一個理性判斷,并從自身的利益出發(fā)進(jìn)行取舍。由此可見,對于資本市場的各類型角色來說,其有效的經(jīng)濟決策都需要依靠高質(zhì)量的會計信息。 目前,上市公司會計信息質(zhì)量的研究大多都是從公司內(nèi)部治理的角度出發(fā),專門針對會計信息使用者,也就是對廣大投資者產(chǎn)生影響的研究卻較為匱乏。本文重點研究了上市公司會計信息質(zhì)量對投資者信心的影響,可以作為上市公司會計信息質(zhì)量經(jīng)濟后果相關(guān)研究的一個分支。如果能夠證明上市公司會計信息質(zhì)量對投資者信心的正向影響,那么就可以更有說服力地督促上市公司主動提高會計信息質(zhì)量,有助于構(gòu)建會計信息和信心之間的良性循環(huán)。同時,也希望能夠在我國資本市場亟待規(guī)范、完善的今日,為監(jiān)管部門制定相關(guān)政策提供一些參考依據(jù)。基于以上思路,筆者將內(nèi)容分為以下五個部分： 第一部分：緒論。該部分首先介紹了論文的研究背景及選題意義,闡述了文章的主要內(nèi)容、文章架構(gòu)及主要方法,最后說明了本文的創(chuàng)新和不足。 第二部分：文獻(xiàn)綜述部分。從上市公司會計信息質(zhì)量、投資者信心、以及二者的相關(guān)關(guān)系三個方面,分別對國內(nèi)外的研究成果進(jìn)行了回顧,并作了簡要述評。 第三部分：以有效市場理論、信息不對稱理論與委托代理理論為切入點,找出會計信息質(zhì)量與投資者信心的內(nèi)在聯(lián)系,為本文的實證部分提供理論支撐,并提出相應(yīng)的研究假設(shè)。 第四部分：實證分析部分。闡述了各個變量的選取標(biāo)準(zhǔn),以及替代變量的選擇,構(gòu)建模型進(jìn)行描述性統(tǒng)計分析及多元回歸分析。 第五部分：結(jié)論與建議。根據(jù)實證分析的結(jié)果,本文得出以下結(jié)論：1、會計信息盈余操縱程度與投資者信心指數(shù)呈顯著負(fù)相關(guān)關(guān)系,即會計信息盈余操縱程度越低,投資者信心越強2、會計信息披露質(zhì)量指標(biāo)對投資者信心呈現(xiàn)顯著的負(fù)相關(guān),與筆者預(yù)期相反,可能與我國投資者還未深入建立起價值投資的理念有關(guān),跟風(fēng)炒作情況嚴(yán)重。3、最終控制人性質(zhì)為非國有的上市公司,盈余操縱程度同投資者信心的負(fù)相關(guān)關(guān)系得到增強,會計信息披露質(zhì)量與投資者信心的負(fù)相關(guān)關(guān)系得到削弱。根據(jù)所得出的結(jié)論,筆者提出相應(yīng)的政策建議,并闡述了研究存在的不足之處,為今后的研究提供建議。 本文的主要貢獻(xiàn)體現(xiàn)在以下三個方面： (1)本文的初衷是研究上市公司股權(quán)結(jié)構(gòu)、內(nèi)部控制、公司治理等內(nèi)部因素對上市公司會計信息質(zhì)量的影響,然而,在研讀了大量文獻(xiàn)之后,發(fā)現(xiàn)與之相關(guān)的研究已經(jīng)十分豐富,可供探索的空間有限,進(jìn)而轉(zhuǎn)換思路,希望能夠在上市公司會計信息質(zhì)量產(chǎn)生的外部影響當(dāng)中選取一個角度,于是就考察了上市公司會計信息質(zhì)量對投資者信心的影響這一前人研究得較少的領(lǐng)域。 上市公司會計信息在資本市場中發(fā)揮著越來越重大的作用,能夠有效解決信息不對稱和代理問題。隨著資本市場的發(fā)展,投資者的信息知情權(quán)需求越發(fā)強烈。目前的研究成果中,關(guān)于上市公司會計信息質(zhì)量和投資者信心兩方面的研究都取得了一些成果,但是就我國目前的資本市場發(fā)展現(xiàn)狀,會計信息質(zhì)量高的公司是否能夠促進(jìn)投資者信心的提升卻鮮有文獻(xiàn)涉及。本文在利用現(xiàn)有理論的基礎(chǔ)上,首先采用實證的方法對上市公司會計信息質(zhì)量對投資者信一心的影響情況進(jìn)行探索,繼而在區(qū)分上市公司最終控制人性質(zhì)的情況下,對二者關(guān)系進(jìn)行進(jìn)一步探討。 (2)本文采取了兩個維度來綜合度量上市公司會計信息質(zhì)量,分別是會計信息披露質(zhì)量和盈余操縱程度。目前,學(xué)術(shù)界對于如何衡量上市公司會計信息質(zhì)量的標(biāo)準(zhǔn)還沒有定論。一部分學(xué)者沿用深交所發(fā)布的上市公司信息披露考評結(jié)果,將其作為會計信息質(zhì)量的替代變量。還有一部分學(xué)者傾向于采用盈余操縱程度來衡量。筆者認(rèn)為會計信息作為連接投資者與上市公司之間的溝通橋梁,其質(zhì)量應(yīng)該一分為二來看,既需要保證會計信息質(zhì)量的有效披露,同時也需要保證會計信息實質(zhì)性內(nèi)容的真實與客觀。除此之外,通過兩個維度的度量,也能夠進(jìn)一步探討每個維度對投資者信心的影響程度。 (3)目前,針對投資者信心的度量絕大多數(shù)是從市場角度考慮的,較為缺乏來自上市公司層面的度量方式。筆者認(rèn)為上市公司是資本市場中的重要組成部分,外部投資者對于資本市場的信心在很大程度上應(yīng)該源于對上市公司的信心,這也是理性投資、價值投資的基礎(chǔ)。于是,本文在參考相關(guān)文獻(xiàn)的基礎(chǔ)上,主要從上市公司層面的角度出發(fā),試圖選取最能夠影響投資者對上市公司投資價值判斷的指標(biāo),構(gòu)建投資者信心指標(biāo)體系,并且采用主因素分析法進(jìn)行進(jìn)一步度量。 本文存在的局限和不足 (1)投資者信心的研究屬于行為金融學(xué)的研究范疇,其影響因素是多方面的,政治、經(jīng)濟、社會等各個方面都可能會對投資者信心產(chǎn)生影響。此外,針對投資者信心的實證研究也是近幾年才逐步興起,可供參考的文獻(xiàn)較少。本文主要從上市公司的角度,認(rèn)為投資者信心的高低能夠反映其對于證券市場的樂觀程度,因此決定從微觀層面來度量,在綜合考慮公司特質(zhì)和市場總體因素的基礎(chǔ)上,采用機構(gòu)投資者持股比例、年度市盈率、年度市凈率、年均換手率為投資者信心的主要影響因素,可能還存在其他影響因素未能涵蓋,主因素分析和控制變量的選取可能存在局限和遺漏。 (2)本文樣本的選取只選擇了深交所的A股上市公司,而沒有考察中國所有A股上市公司的相關(guān)數(shù)據(jù),實證研究可能存在一定的局限性。這主要是因為本文試圖探討兩個維度下的會計信息質(zhì)量對投資者信心的影響,目前,維度之一的上市公司信息披露考評結(jié)果只有深交所進(jìn)行發(fā)布,因此只選擇了深交所的A股上市公司。 (3)本文對于最終控制人性質(zhì)的區(qū)分僅限于國有和非國有兩類,而沒有再進(jìn)行細(xì)分,今后可以從這一方面繼續(xù)深入研究。
[Abstract]:In March 2009, when Comrade Wen Jiabao, the Prime Minister of the State Council, met with Chinese and foreign journalists, he made it clear that "in the face of the financial crisis, confidence is more important than gold and money". From the Enron event in 2001 to the global financial crisis of 2008, the accounting information of listed companies has been distorted to business operation and capital market construction. This series of scandals has severely hit investors' confidence in the capital market. In our listed companies, the distortion of accounting information has occurred repeatedly, and the means of counterfeiting are more and more hidden and bad. The investors are complaining, which can not be avoided with all kinds of false information in the capital market and the random manipulation of profits by listed companies. The lessons of history can not be ignored. As we all know, the contemporary economy is a credit economy to a large extent, fundamentally the confidence economy, and the stability and development of the capital market depends on the vast amount of investment. To strengthen the supervision and control of the quality of the accounting information of the listed companies is a powerful way to improve the investor's confidence and protect the interests of the investors. In this context, it is an important prerequisite for the prosperity and development of our capital market to maintain and boost the confidence of the investors.
Accounting information is an extremely important factor in the capital market. It can effectively connect various roles in the capital market. Investors need to rely on high quality accounting information of listed companies to make the most valuable investment decisions. This is because only in the case of obtaining high quality accounting information, investors can be up to the top. The future profits and risks of a city company are judged rationally and taken out from their own interests. Thus, for the various types of roles of the capital market, their effective economic decisions need to rely on high quality accounting information.
At present, most of the research on the quality of accounting information of listed companies is from the perspective of internal governance of the company. The research on accounting information users, that is, the impact on the majority of investors, is scarce. This paper focuses on the influence of the quality of the accounting information on the investor confidence of the listed companies, which can be used as a listed company. If it can prove the positive impact of the quality of the accounting information on the confidence of the investors, it can be more persuasive to urge the listed companies to improve the quality of accounting information actively and help to build a virtuous circle between accounting information and confidence. On the basis of the above ideas, the author divides the contents into five parts: Based on the above ideas, the capital market in China needs to be standardized and perfected.
The first part is introduction. This part first introduces the research background and significance of the thesis, expounds the main contents, the structure and the main methods of the article, and finally explains the innovation and deficiency of this article.
The second part: the literature review part. From the accounting information quality of the listed companies, investor confidence, and the related relations between the two parties, we reviewed the research results at home and abroad, and made a brief review.
The third part: Taking the effective market theory, the information asymmetry theory and the principal-agent theory as the breakthrough point, we find out the internal relationship between the quality of accounting information and the investor confidence, and provide the theoretical support for the empirical part of this paper, and put forward the corresponding research hypothesis.
The fourth part: the empirical analysis part. It expounds the selection criteria of each variable, the choice of the alternative variables, and the descriptive statistical analysis and multiple regression analysis of the construction model.
The fifth part: conclusions and suggestions. According to the results of the empirical analysis, this paper draws the following conclusions: 1, there is a significant negative correlation between the earnings manipulation degree of accounting information and investor confidence index, that is, the lower the earnings manipulation of accounting information, the more the investor confidence is 2, and the quality index of accounting information is significantly negative to the investor confidence. Contrary to the author's expectation, it may be related to the idea that the investors of our country have not yet built up the concept of value investment, which is a serious.3, the final controller is a non state-owned listed company, the negative correlation between the earnings manipulation degree and investor confidence is enhanced, and the quality of accounting information disclosure is negatively related to the investor confidence. According to the conclusion, the author puts forward corresponding policy recommendations, and expounds the shortcomings of the study, so as to provide suggestions for future research.
The main contributions of this paper are reflected in the following three aspects:
(1) the original intention of this paper is to study the influence of internal factors such as stock ownership structure, internal control, corporate governance and other internal factors on the quality of accounting information of listed companies. However, after reading a lot of literature, it has been found that the related research has been very rich, which can be explored for limited space, and then change ideas, hoping to be available in the accounting of listed companies. The external influence of information quality is selected from an angle, so the influence of the quality of the accounting information on the investor's confidence is investigated.
The accounting information of listed companies plays a more and more important role in the capital market, and can effectively solve the information asymmetry and agency problem. With the development of capital market, the demand for information right of information is more intense. In the present research results, two aspects of the quality of accounting information and investor confidence of the listed companies are all studied Some achievements have been made, but there are few literature on the current situation of the development of the capital market in China. However, there are few literature on whether a company with high accounting information quality can promote the improvement of investor confidence. Explore the situation, and then distinguish the nature of the ultimate controller of listed companies, further explore the relationship between the two.
(2) this paper takes two dimensions to measure the quality of the accounting information of the listed companies, which is the quality of accounting information disclosure and the degree of earnings manipulation. At present, there is no conclusion on how to measure the standard of accounting information quality of the listed companies. As an alternative variable for the quality of accounting information, some scholars tend to use the degree of earnings manipulation. As a bridge between investors and listed companies, the author thinks that the quality of the accounting information should be divided into two parts, which should not only guarantee the effective disclosure of the quality of accounting information, but also guarantee the accounting. The authenticity and objectivity of the substantive content of information, in addition to this, through the measurement of two dimensions, can also further explore the degree of impact of each dimension on investor confidence.
(3) at present, the vast majority of the measure of investor confidence is considered from the market point of view, and it lacks the measurement method from the level of the listed company. I think that the listed company is an important part of the capital market, and the confidence of the external investors to the capital market should be largely derived from the confidence of the listed companies. It is the basis of rational investment and value investment, so on the basis of related literature, this paper mainly from the perspective of the listed company level, attempts to select the most influential investors to determine the investment value of listed companies, build investor confidence index system, and use the principal factor analysis method for further measurement.
The limitations and shortcomings of the existence of this article
(1) the research of investor confidence belongs to the research category of behavioral finance. Its influence factors are many aspects, political, economic, social and other aspects may have an impact on investor confidence. In addition, the empirical research on investor confidence has been gradually rising in recent years, and few references are available. This paper mainly from the public market. The point of view is that the level of investor confidence can reflect the optimism of the stock market. Therefore, it is determined to measure from the micro level, on the basis of the comprehensive consideration of the characteristics of the company and the overall market factors, the proportion of institutional investors, the annual price earnings ratio, the annual market net rate and the annual turnover rate are the main investors' confidence. There may be other factors that may not cover the impact factors. There are limitations and omissions in the selection of principal factor analysis and control variables.
(2) the selection of this sample is only selected the A shares listed companies in the Shenzhen Stock Exchange, but not the related data of all A listed companies in China. The empirical study may have some limitations. This is mainly because this paper tries to explore the influence of the quality of accounting information on the investor confidence under the two dimensions, and at present, one of the dimensions is listed public. The results of the information disclosure evaluation were only released by the Shenzhen Stock Exchange, so only the A share listed companies of Shenzhen stock exchange were selected.
(3) the distinction between the nature of the ultimate controller is limited to the two categories of state owned and non-state owned enterprises, without further subdivision.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F272.9

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