本文關(guān)鍵詞：財(cái)務(wù)信息披露質(zhì)量與股權(quán)資本成本的關(guān)系研究　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 財(cái)務(wù)信息披露質(zhì)量 股權(quán)資本成本 經(jīng)濟(jì)增長(zhǎng)模型（OJN）

【摘要】：真實(shí)、準(zhǔn)確、完整、及時(shí)的財(cái)務(wù)信息披露是資本市場(chǎng)有效進(jìn)行的保證。提高上市公司的信息披露水平對(duì)于保護(hù)中小投資者和債權(quán)人的利益、完善公司治理結(jié)構(gòu)、提高資本市場(chǎng)效率具有現(xiàn)實(shí)意義。股權(quán)資本成本是理財(cái)學(xué)的核心概念之一，它是投資者要求的最低報(bào)酬率，直接影響到企業(yè)投融資決策，決定企業(yè)股東財(cái)富最大化目標(biāo)是否實(shí)現(xiàn)。高質(zhì)量的信息披露有利于上市公司獲取股權(quán)融資，因而對(duì)股權(quán)資本成本產(chǎn)生重要影響。信息披露質(zhì)量與股權(quán)資本成本之間的關(guān)系研究，是近些年來國(guó)內(nèi)外理論研究界的熱點(diǎn)問題之一。 本文在借鑒國(guó)內(nèi)外相關(guān)研究的基礎(chǔ)上，系統(tǒng)介紹了財(cái)務(wù)信息披露及股權(quán)資本成本的界定，同時(shí)簡(jiǎn)要回顧了幾種主要的股權(quán)資本成本估算模型，并從財(cái)務(wù)信息披露質(zhì)量與股權(quán)資本成本相關(guān)關(guān)系的理論基礎(chǔ)（資本市場(chǎng)有效性假設(shè)理論、信息不對(duì)稱理論、代理理論等）出發(fā)，分析了財(cái)務(wù)信息披露質(zhì)量對(duì)于股權(quán)資本成本的影響。然后在這些理論分析的基礎(chǔ)上提出研究假設(shè)，，構(gòu)建整體模型。在變量選取上，本文采用深交所信息披露評(píng)級(jí)結(jié)果作為財(cái)務(wù)信息披露質(zhì)量的衡量指標(biāo)；采用事前估計(jì)的思路，以面向未來為視角，采用經(jīng)濟(jì)增長(zhǎng)模型（OJN模型）來計(jì)算上市公司的股權(quán)資本成本；選取β系數(shù)、資產(chǎn)規(guī)模、財(cái)務(wù)風(fēng)險(xiǎn)、盈利水平、市場(chǎng)波動(dòng)性及資產(chǎn)周轉(zhuǎn)率作為控制變量。選取我國(guó)深市A股2009—2011年房地產(chǎn)行業(yè)上市公司的財(cái)務(wù)指標(biāo)數(shù)據(jù)作為研究對(duì)象，通過描述性統(tǒng)計(jì)分析、相關(guān)性及多元回歸分析揭示樣本公司財(cái)務(wù)信息披露對(duì)股權(quán)資本成本的影響程度，得出二者呈顯著負(fù)相關(guān)關(guān)系的研究結(jié)論。最后，本文分別從宏觀和微觀層面提出了若干政策建議，并闡述了研究的局限性與不足。
[Abstract]:True, accurate, complete and timely financial information disclosure is the guarantee of effective capital market. To improve the level of information disclosure of listed companies to protect the interests of small and medium-sized investors and creditors, improve the corporate governance structure. It is of practical significance to improve the efficiency of capital market. The cost of equity capital is one of the core concepts of financial management. It is the lowest rate of return required by investors and directly affects the investment and financing decisions of enterprises. Determine whether the corporate shareholder wealth maximization goal is achieved. High quality information disclosure is helpful for listed companies to obtain equity financing. The research on the relationship between the quality of information disclosure and the cost of equity capital is one of the hot issues in the field of theoretical research at home and abroad in recent years. Based on the domestic and foreign related research, this paper systematically introduces the definition of financial information disclosure and equity capital cost, and briefly reviews several main equity capital cost estimation models. And from the financial information disclosure quality and equity capital costs related to the theoretical basis (capital market effectiveness hypothesis theory, information asymmetry theory, agency theory and so on). This paper analyzes the impact of financial information disclosure quality on equity capital cost. Then on the basis of these theoretical analysis, this paper puts forward the research hypothesis and constructs the overall model. This paper adopts the information disclosure rating result of Shenzhen Stock Exchange as a measure of the quality of financial information disclosure. In this paper, the author uses the thought of pre-estimate and the future-oriented view to calculate the cost of equity capital of listed companies by using the economic growth model and the OJN model. Select 尾 coefficient, asset size, financial risk, profit level. Market volatility and asset turnover are taken as control variables. The financial index data of real estate listed companies in China's Shenzhen A share market from 2009-2011 are selected as the research object, and the descriptive statistical analysis is carried out. Correlation and multiple regression analysis reveal the impact of financial information disclosure on the cost of equity capital, and draw a conclusion that there is a significant negative correlation between the two. Finally. This paper puts forward some policy suggestions from the macro and micro levels, and expounds the limitations and shortcomings of the research.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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