本文關鍵詞：上市公司盈余質(zhì)量與投融資效率的關系研究　出處：《陜西科技大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 盈余質(zhì)量 投資效率 融資效率 投資不足 投資過度

【摘要】：盈余作為企業(yè)經(jīng)營的階段結余，對企業(yè)的持續(xù)經(jīng)營和后期發(fā)展有重大影響。更多的創(chuàng)造和準確的披露盈余信息對企業(yè)自身及其他投資者有積極的作用�，F(xiàn)階段，證券市場作為上市公司籌資的重要場所，對上市公司信息披露的要求較多，其中就包括盈余信息的披露，盈余信息披露的好壞在一定程度上對公司治理的各個方面產(chǎn)生不同的影響，特別是對投資和融資活動。 在市場經(jīng)濟下，無論投資方還是籌資方，信息對它們是至關重要的。作為投資方，對被投資項目或單位情況信息的掌握往往成為投資成敗的關鍵；作為籌資方，吸收更多的社會閑散資金并合理利用，為企業(yè)發(fā)展奠定基礎成為融資目的的核心。在這些信息中，盈余信息作為重要的部分，受到各方信息使用者的關注。這主要在于盈余信息對投資方和籌資方的“預報”作用。 近年來，上市公司盈余質(zhì)量不高，造假現(xiàn)象嚴重，由于信息不對稱造成的非效率投資和融資效率低下的現(xiàn)象普遍，在金融危機作用下，這種現(xiàn)象有進一步加劇的趨勢�；诖�，，本文研究上市公司盈余質(zhì)量分別與投資效率和融資效率的相關關系。 本文在前人研究的基礎之上，首先，對盈余質(zhì)量與投融資效率從理論角度進行描述，分別分析盈余質(zhì)量與投資效率和融資效率之間的作用機制。其次，對比我國上市公司與國外上市公司盈余質(zhì)量、投資效率和融資效率的現(xiàn)狀，并對差異進行簡要分析。再次，以2009—2012年滬深A股上市公司為樣本，通過采用描述性統(tǒng)計分析、相關性分析和多元線性回歸分析等實證方法，探討盈余質(zhì)量與投融資效率的關系。最后，通過增加補充控制變量對本文的假設進行穩(wěn)健性檢驗。研究發(fā)現(xiàn):一是盈余質(zhì)量的提高可以減少投資不足，進而提高投資效率；二是盈余質(zhì)量的提高可以減少投資過度，從而提高投資效率；三是盈余質(zhì)量越高，融資效率越高，兩者呈正向關系。另外還發(fā)現(xiàn)：國有企業(yè)的所有制結構會在一定程度上削弱盈余質(zhì)量與融資效率的正相關關系。 鑒于此，本文建議上市公司應從提高自身的盈余質(zhì)量做起，并從政府職能部門、資本市場有效性和外部投資者的角度提出了提高盈余質(zhì)量進而提高投融資效率的若干建議，并相應提出了對未來上市公司盈余質(zhì)量和投融資效率發(fā)展的展望。期望本文的研究過程及成果能為我國上市公司在協(xié)調(diào)盈余質(zhì)量與投融資效率關系的問題上增加實證指導和數(shù)據(jù)支持，同時也為政府監(jiān)管部門加強我國上市公司的盈余質(zhì)量監(jiān)督、提高投融資效率和資本市場健康有序發(fā)展提出建議。
[Abstract]:Earnings, as the stage balance of business operation, have a significant impact on the continuing operation and later development of enterprises. More creation and accurate disclosure of earnings information has a positive effect on the enterprises themselves and other investors at this stage. As an important place for listed companies to raise funds, the securities market requires more information disclosure of listed companies, including the disclosure of earnings information. To a certain extent, earnings information disclosure has different effects on all aspects of corporate governance, especially on investment and financing activities. In the market economy, whether the investor or the financing side, information is very important to them. As an investor, the master of the information of the invested project or unit is often the key to the success or failure of the investment. As the financing side, we can absorb more social idle funds and make rational use of them, so as to lay the foundation for the development of enterprises and become the core of the financing purpose. In these information, the surplus information is an important part. This is mainly due to the "forecast" effect of surplus information on investors and financiers. In recent years, the earnings quality of listed companies is not high, the phenomenon of fraud is serious, the phenomenon of inefficient investment and financing inefficiency caused by asymmetric information is common, under the influence of the financial crisis. Based on this, this paper studies the relationship between earnings quality and investment efficiency and financing efficiency of listed companies. On the basis of previous studies, this paper first describes the earnings quality and investment and financing efficiency from a theoretical point of view, respectively analysis of earnings quality and investment efficiency and financing efficiency between the action mechanism. Secondly. Compare the current situation of earnings quality, investment efficiency and financing efficiency between Chinese listed companies and foreign listed companies, and make a brief analysis of the differences. Thirdly, take Shanghai and Shenzhen A-share listed companies as samples from 2009-2012. Through the use of descriptive statistical analysis, correlation analysis and multiple linear regression analysis and other empirical methods to explore the relationship between earnings quality and investment and financing efficiency. Finally. By adding supplementary control variables to test the robustness of the hypothesis in this paper, it is found that: first, the improvement of earnings quality can reduce the insufficient investment, and then improve the investment efficiency; Second, the improvement of earnings quality can reduce excessive investment, thus improving investment efficiency; Third, the higher the earnings quality, the higher the financing efficiency, and the positive relationship between them. In addition, it is found that the ownership structure of state-owned enterprises will weaken the positive correlation between earnings quality and financing efficiency to some extent. In view of this, this paper suggests that listed companies should start from improving their earnings quality, and from the government functional departments. From the perspective of the efficiency of capital market and external investors, this paper puts forward some suggestions on how to improve the quality of earnings and improve the efficiency of investment and financing. It also puts forward the prospect of the development of earnings quality and investment and financing efficiency of listed companies in the future. It is expected that the research process and results of this paper can increase the coordination of the relationship between earnings quality and investment and financing efficiency of listed companies in China. Empirical guidance and data support. At the same time, some suggestions are put forward to strengthen the supervision of earnings quality of listed companies, improve the efficiency of investment and financing and the healthy and orderly development of capital market.
【學位授予單位】：陜西科技大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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