本文選題：會計穩(wěn)健性 + 股權集中度��； 參考：《西南交通大學》2017年碩士論文

【摘要】：目前,我國企業(yè)股權結(jié)構中國有股占比較大,且企業(yè)內(nèi)部股權向少數(shù)大股東集中,這樣一來就很有可能造成大股東利用其控制優(yōu)勢操縱利潤,甚至為謀取私利,犧牲廣大投資者的利益,從而導致企業(yè)的權益資本成本增加。會計穩(wěn)健性原則對盈利的確認比對虧損的確認有更高的標準,能夠?qū)⑵髽I(yè)生產(chǎn)經(jīng)營過程中發(fā)生的"壞消息"及時以財務報告的形式披露給投資人,進而降低投資人面臨的預期風險和要求的預期回報。因此,對現(xiàn)代企業(yè)而言,如何有效降低權益資本成本,提高企業(yè)的籌資效率,促進資本市場健康、有序發(fā)展顯得尤為必要。本文主要采用理論分析與實證分析相結(jié)合的方法進行研究,以滬深A股2010年到2012年非金融類企業(yè)數(shù)據(jù)為研究樣本,將極端異常且無法獲取的數(shù)據(jù)剔除后,最終得到1130個公司共計3390個研究樣本,重點研究穩(wěn)健性水平的高低對企業(yè)權益資本成本的影響。在考慮我國資本市場上國有企業(yè)比大、企業(yè)股權集中度較高的情況下,加入股權集中度與產(chǎn)權屬性變量,探討股權集中度對會計穩(wěn)健性與權益資本成本相關關系的影響,同時分析不同產(chǎn)權屬性下,非金融類企業(yè)的會計穩(wěn)健性與權益資本成本的相關關系。結(jié)果發(fā)現(xiàn):在其他條件不變的情況下,如果非金融類企業(yè)的會計穩(wěn)健性水平越高,那么相應的權益資本成本越低;非金融類企業(yè)的股權集中度越高,權益資本成本相應較高;非金融類企業(yè)的股權集中度越高,那么會計穩(wěn)健性降低權益資本成本的作用越弱。本文相關研究結(jié)果為股權集中度、會計穩(wěn)健性與權益資本成本的關系提供了比較明確的經(jīng)驗證據(jù),相關實證分析結(jié)果對我國企業(yè)會計政策的選擇與運用以及降低權益資本成本具有重要的現(xiàn)實意義。
[Abstract]:At present, state-owned shares account for a large proportion of the stock ownership structure of enterprises in our country, and the internal shares of the enterprises are concentrated to a small number of major shareholders. As a result, it is very likely that the majority shareholders will use their control advantages to manipulate profits and even to obtain private profits. Sacrificing the interests of the majority of investors, resulting in an increase in the cost of equity capital. The accounting conservatism principle has a higher standard for the recognition of profits than for the recognition of losses. It can disclose the "bad news" that occurs in the course of an enterprise's production and operation to investors in a timely manner in the form of financial reports. In turn, reduce the expected risk faced by investors and the expected return required. Therefore, how to effectively reduce the cost of equity capital, improve the efficiency of raising funds, promote the healthy and orderly development of capital market is particularly necessary for modern enterprises. This paper mainly adopts the method of combining theoretical analysis with empirical analysis, taking Shanghai and Shenzhen A shares as the research samples from 2010 to 2012, after eliminating the extremely abnormal and unobtainable data. Finally, a total of 3390 research samples were obtained from 1130 companies, focusing on the impact of the level of robustness on the cost of equity capital. Considering the large ratio of state-owned enterprises and the high degree of equity concentration in the capital market of our country, this paper introduces the variables of ownership concentration and property right, and probes into the influence of ownership concentration on the relationship between accounting conservatism and equity capital cost. At the same time, this paper analyzes the relationship between accounting conservatism and equity capital cost of non-financial enterprises under different property rights. The results show that the higher the level of accounting conservatism of non-financial enterprises, the lower the cost of equity capital, the higher the concentration of equity, the higher the cost of equity capital. The higher the ownership concentration of non-financial enterprises, the weaker the role of accounting conservatism in reducing the cost of equity capital. The results of this paper provide clear empirical evidence for the relationship between equity concentration, accounting conservatism and equity capital cost. The results of empirical analysis are of great practical significance to the choice and application of accounting policies and the reduction of the cost of equity capital.
【學位授予單位】：西南交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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本文編號：1938574